Chapter 6 - § 6.3 • POWERS OF THE ASSOCIATION

• Jurisdiction: Colorado

§ 6.3 • POWERS OF THE ASSOCIATION

The CCIOA sets out the powers of an association. These powers need not be specifically authorized by the declaration, but may be changed or limited by it.⁷⁴ The powers are:

• Adopt and amend bylaws and rules and regulations.
• Adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for common expenses from unit owners.⁷⁵
• Hire and terminate managing agents and other employees, agents, and independent contractors.
• Institute, defend, or intervene in litigation or administrative proceedings in its own name on behalf of itself or two or more unit owners on matters affecting the common interest community.⁷⁶
• Make contracts and incur liabilities.
• Regulate the use, maintenance, repair, replacement, and modification of common elements.
• Cause additional improvements to be made as a part of the common elements.
• Acquire, hold, encumber, and convey in its own name any right, title, or interest to real or personal property;⁷⁷ however, common elements in a condominium or planned community may be conveyed or subjected to a security interest and part of a cooperative may be conveyed, or all or part of a cooperative may be subjected to a security interest, only pursuant to statute.⁷⁸
• Grant easements, leases, licenses, and concessions through or over the common elements.
• Impose and receive any payments, fees, or charges for the use, rental, or operation of the common elements other than limited common elements.⁷⁹
• Impose charges for late payment of assessments.
• Recover reasonable attorney fees and other legal costs for collection of assessments and other actions to enforce the power of the association, regardless of whether suit was initiated.
• After notice and an opportunity to be heard, levy reasonable fines for violations of the declaration, bylaws, and rules and regulations of the association.
• Impose reasonable charges for the preparation and recording of amendments to the declaration or statements of unpaid assessments.
• Provide for the indemnification of its officers and governing board and maintain directors' and officers' liability insurance.
• Assign its right to future income, including the right to receive common expense assessments, but only to the extent the declaration expressly so provides.
• Exercise any other powers conferred by the declaration or bylaws.
• Exercise all other powers that may be exercised in Colorado by legal entities of the same type as the

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