(2) Membership in the association shall be limited to timeshare owners.
(3) The affairs of the association shall be governed by a board of directors or other governing body as provided for in the bylaws adopted under the applicable incorporation requirements.
(4) Subject to the provisions of the timeshare instrument and bylaws, the association may:
(a) Assume the role of managing entity;
(b) Adopt and amend bylaws, rules and regulations;
(c) Adopt and amend budgets for revenues, expenditures and reserves and levy and collect assessments for common expenses from timeshare owners;
(d) Hire and terminate a managing agent, other employees, agents and independent contractors;
(e) Institute, defend or intervene in litigation or an administrative proceeding in the association’s own name on behalf of the association or on behalf of two or more timeshare owners on any matter affecting the timeshare property;
(f) Make contracts and incur liabilities;
(g) Regulate the use, maintenance, repair, replacement and modification of timeshare property;
(h) Acquire by purchase, lease, devise, gift or voluntary grant real property or any interest therein and take, hold, possess and convey real property or any interest therein;
(i) Impose a charge for the late payment of an assessment and, after giving notice and an opportunity to be heard, levy a reasonable fine for violation of the timeshare instrument, bylaws and rules and regulations of the association;
(j) Provide for the indemnification of the association’s officers and governing board and maintain adequate liability insurance for the association’s officers and governing board;
(k) Exercise any other power conferred by a timeshare instrument or bylaws; and
(L) Exercise any other power determined by the association to be necessary and proper for the governance and operation of the association.
(5) If an association of timeshare owners is formed under this section, the public report issued for the timeshare plan under ORS 94.828 (1), (2) and (4) shall include a disclosure of the powers of the association and the manner in which the association will be governed. [1983 c.530 §13; 2007 c.410 §21]