2015 Nevada Revised Statutes
Chapter 116B - Condominium Hotel Act
NRS 116B.420 - Powers of unit-owners’ association.
Subject to the provisions of the declaration, the association may do any or all of the following:
1. Adopt and amend bylaws, rules and regulations pertaining to the common elements. Unless otherwise provided in the declaration, bylaws, rules or regulations adopted by the association must not attempt to exercise any control over the hotel unit or the shared components.
2. Adopt and amend budgets for revenues, expenditures and reserves relating to the common elements and collect assessments for common expenses from the units’ owners.
3. Hire and discharge managing agents and other employees, agents and independent contractors of the association.
4. Institute, defend or intervene in litigation or administrative proceedings in its own name on behalf of itself or two or more units’ owners on matters affecting the condominium hotel.
5. Make contracts and incur liabilities with regard to the common elements.
6. Regulate the use, maintenance, repair, replacement and modification of common elements.
7. Cause additional improvements to be made as a part of the common elements.
8. Acquire, hold, encumber and convey in its own name any right, title or interest to real estate or personal property, but common elements may be conveyed or subjected to a security interest only pursuant to NRS 116B.560.
9. Grant easements, leases, licenses and concessions through or over the common elements.
10. Impose and receive any payments, fees or charges for the use, rental or operation of the common elements.
11. Impose charges for late payment of assessments on common elements.
12. Impose reasonable fines for violations of the governing documents of the association only if the association complies with the requirements set forth in NRS 116B.430.
13. Provide for the indemnification of its officers and executive board and maintain directors’ and officers’ liability insurance.
14. Assign its right to future income, including the right to receive assessments for common expenses, but only to the extent the declaration expressly so provides.
15. Exercise any other powers conferred by the declaration or bylaws.
16. Exercise any other powers necessary and proper for the governance and operation of the association.
(Added to NRS by 2007, 2213)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.