MARVIN MANDEL, Governor                              2231

Article — Real Property

11-109.

(d) The council of unit owners may be either
incorporated AS A NONSTOCK CORPORATION or unincorporated.
If incorporated, it is subject to those provisions of
[Article 23 applicable to nonstock corporations] TITLE 5,
SUBTITLE 2 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE
OF THE CODE which are not inconsistent with this title.
If the council of unit owners is unincorporated, it shall
have, subject to any provision of this title, the
declaration, and bylaws, the following powers:

(1)   To have perpetual existence, subject to the
right of the unit owners to terminate the condominium
regime as provided in § 11-121 OF THIS SUBTITLE;

(2)   To sue and be sued, complain and defend in any
court;

(3)   To transact its business, carry on its
operations and exercise the powers provided in this
subsection in any state, territory, district, or
possession of the United States and in any foreign
country;

(4)   To make contracts and guarantees, incur
liabilities and borrow money, sell, mortgage, lease,
pledge, exchange, convey, transfer, and otherwise dispose
of any part of its property and assets;

(5)  To issue bonds, notes, and other obligations and
secure the same by mortgage or deed of trust of any part
of its property, franchises, and income;

(6)   To acquire by purchase or in any other manner,
to take, receive, own, hold, use, employ, improve, and
otherwise deal with any property, real or personal, or
any interest therein, wherever located;

(7)  To purchase, take, receive, subscribe for or
otherwise acquire, own, hold, vote, use, employ, sell,
mortgage, loan, pledge or otherwise dispose of, and
otherwise use and deal in and with, shares or other
interests in, or obligation of corporations of the state,
or foreign corporations, and of associations,
partnerships, and individuals;

(8)    To invest its funds and to lend money in any
manner appropriate to enable it to carry on the
operations or to fulfill the purposes named in the
declaration or bylaws, and to take and to hold real and
personal property as security for the payment of funds so