(1) Every property shall be administered in accordance with such bye-laws as may be framed by the competent authority with the prior approval of the State Government.
(2) The bye-laws shall provide for the following amongst other matters namely—
(a) the manner in which the Association of Apartment Owners is to be formed, the election of a Board of Managers from amongst the apartment owners, the number of persons constituting the Board, the number of members of such Board to retire annually, the powers and duties of the Board, the honorarium, if any, of the members of the Board, the method of removal from office of members of the Board, the powers of the Board to engage the services of a Secretary or Manager, delegation of powers and duties to such Secretary or Manager;
(b) method of calling meetings of the apartment owners and the number of constitute a quorum;
(c) election of a President who shall preside over the meetings of the Board and the Association of Apartment Owners;
(d) maintenance, repair and replacement of the common areas and facilities and payments therefor;
(e) manner of collecting share of the common expenses from the apartment owners;
(f) any other matter considered to be necessary for the administration of the property.