NY Real Prop L § 339-V (2021)
2021 New York Laws RPP - Real Property Article 9-B - Condominium Act 339-V - Contents of By-Laws.

§  339-v.  Contents  of  by-laws.  1. The by-laws shall provide for at least the following:  (a) The nomination and election of a board of managers, the number  of persons  constituting the same, and that the terms of at least one-third of the members of such board  shall  expire  annually;  the  powers  and duties  of  the  board;  the compensation, if any, of the members of the board; the method of removal from office of members of  the  board;  and whether  or  not  the  board  may  engage  the  services of a manager or managing agent or both, and specifying which of the  powers  and  duties granted  to  the  board by this article or otherwise may be delegated by the board to either or both of them. Nothing contained herein shall  bar the  incorporation of the board of managers under applicable statutes of this state;  such  incorporation  must  be  consistent  with  the  other provisions of this article and the nature of the condominium purpose.  (b)  Method of calling meetings of the unit owners; what percentage of the unit owners, if other than a majority, shall  constitute  a  quorum; and  what  percentage shall, consistent with the provisions of this act, be necessary to adopt decisions binding on all unit owners.  (c) Election of a president from among the board of managers who shall preside over the meetings of such board and of the unit owners.  (d) Election of a secretary who shall keep a record wherein actions of such board and of meetings of the unit owners shall be recorded.  (e) Election of a treasurer who shall keep the financial  records  and books of account.  (f)  Operation  of  the  property,  payment of the common expenses and determination and collection of the common charges.  (g) The manner of designation and removal of persons employed for  the operation of the property.  (h)  Method  of  adopting  and  of  amending  administrative rules and regulations governing the details of the operation and use of the common elements.  (i) Such restrictions on  and  requirements  respecting  the  use  and maintenance  of  the  units  and the use of the common elements, not set forth in the  declaration,  as  are  designed  to  prevent  unreasonable interference  with  the  use of their respective units and of the common elements by the several unit owners.  (j) The percentage of the unit owners, but not less than sixty-six and two-thirds per cent in number and common interest  except  in  the  case where  all  units  are  non-residential, which may at any time modify or amend the by-laws.   2. The by-laws may also provide for the following:  (a) Provisions governing the alienation,  conveyance,  sale,  leasing, purchase,  ownership and occupancy of units, provided, however, that the by-laws  shall  contain  no  provision   restricting   the   alienation, conveyance,  sale,  leasing,  purchase, ownership and occupancy of units because of race, creed, color or national origin.  (b) Provisions governing the payment, collection and  disbursement  of funds,  including  reserves, to provide for major and minor maintenance, repairs, additions, improvements,  replacements,  working  capital,  bad debts and unpaid common expenses, depreciation, obsolescence and similar purposes.  (c)  The  form by which the board of managers, acting on behalf of the unit owners, where authorized by this statute or  the  declaration,  may acquire and hold any unit and lease, mortgage and convey the same.  (d) Any other provisions, not inconsistent with the provisions of this article, relating to the operation of the property.