(1) In addition to complying with applicable sections, if any, of the "Colorado Business Corporation Act", articles 101 to 117 of title 7, C.R.S., or the "Colorado Revised Nonprofit Corporation Act", articles 121 to 137 of title 7, C.R.S., if the common interest community is organized pursuant thereto, the bylaws of the association must provide:
The number of members of the executive board and the titles of the officers of theassociation;
Election by the executive board of a president, a treasurer, a secretary, and any otherofficers of the association the bylaws specify;
The qualifications, powers and duties, and terms of office of, and manner of electingand removing, executive board members and officers and the manner of filling vacancies;
Which, if any, of its powers the executive board or officers may delegate to otherpersons or to a managing agent;
Which of its officers may prepare, execute, certify, and record amendments to thedeclaration on behalf of the association; and
A method for amending the bylaws.
Subject to the provisions of the declaration, the bylaws may provide for any othermatters the association deems necessary and appropriate.
(a) If an association with thirty or more units delegates powers of the executive board or officers relating to collection, deposit, transfer, or disbursement of association funds to other persons or to a managing agent, the bylaws of the association shall require the following:
That the other persons or managing agent maintain fidelity insurance coverage or abond in an amount not less than fifty thousand dollars or such higher amount as the executive board may require;
That the other persons or managing agent maintain all funds and accounts of theassociation separate from the funds and accounts of other associations managed by the other persons or managing agent and maintain all reserve accounts of each association so managed separate from operational accounts of the association;
That an annual accounting for association funds and a financial statement be prepared and presented to the association by the managing agent, a public accountant, or a certified public accountant. (b) Repealed.
Source: L. 91: Entire article added, p. 1743, § 1, effective July 1, 1992. L. 92: (3) added, p. 2096, § 1, effective July 1, 1993. L. 93: (3) amended, p. 1464, § 10, effective June 6; IP(1) amended, p. 865, § 40, effective July 1, 1994. L. 96: (3)(b) repealed, p. 1088, § 2, effective May 23. L. 97: IP(1) amended, p. 764, § 36, effective July 1, 1998.