Section 559.502. Administration and membership provisions.

(1) The bylaws shall designate the association of co-owners as responsible for the management and administration of the common elements, property, easements, and the affairs of  the   condominium  project.   The association of co- owners may form or organize an entity for managing the property or otherwise provide for independent management of the project.The bylaws shall indicate the form of the association of co-owners; that is, whether it was created and will operate as a profit   or   nonprofit corporation, a partnership, or an unincorporated association.

(2)     The bylaws  may  provide   reasonable  provisions   to  facilitate   the development and sale of the project by the developer until  completion   of the project.

(3)   The bylaws shall comply with section 52 of the act.

(4)   The bylaws shall provide that membership in  the  association  of co-owners shall be limited to persons who own 1 or  more   units  in  the condominium project and each co-owner shall be a member of the association of co-owners.

History: 1979 AC; 1985 AACS.