(a)  Except as provided in subsection (b), and subject to the provisions of the declaration, the association, even if unincorporated, may:

(1)  Adopt and amend bylaws and rules and regulations;

(2)  Adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for common expenses from unit owners;

(3)  Hire and discharge managing agents and other employees, agents and independent contractors;

(4)  Institute, defend, or intervene in litigation or administrative proceedings in its own name on behalf of itself or two (2) or more unit owners on matters affecting the condominium;

(5)  Make contracts and incur liabilities;

(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 or personal property, but common elements may be conveyed or subjected to a security interest or mortgage only pursuant to § 34-36.1-3.12;

(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 other than limited common elements described in § 34-36.1-2.02(2) and (4) and for services provided to unit owners;

(11)  Impose charges for late payment of assessments and, after notice and an opportunity to be heard, levy reasonable fines for violations of the declaration, bylaws, and rules and regulations of the association as provided in § 34-36.1-3.20;

(12)  Impose reasonable charges for the preparation and recordation of amendments to the declaration, resale certificates required by § 34-36.1-4.09 or statements of unpaid assessments;

(13)  Provide for the indemnification of its officers and executive board and maintain directors’ and officers’ liability insurance;

(14)  Borrow funds including the right to assign and/or pledge its right to future income, including the right to receive common expense assessments;

(15)  Exercise any other powers conferred by the declaration or bylaws;

(16)  Exercise all other powers that may be exercised in this state by legal entities of the same type as the association; and

(17)  Exercise any other powers necessary and proper for the governance and operation of the association.

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(b)  The declaration may not impose limitations on the powers of the association to deal with the declarant that are more restrictive than the limitations imposed on the power of the association to deal with other persons.