HARRY HUGHES, Governor

4605

(5)  At meetings of the council of unit owners
each unit owner shall be entitled to cast the number of
votes appurtenant to his unit. Unit owners may vote by
proxy, but, the proxy is effective only for a maximum period
of 180 days following its issuance, unless granted to a
lessee OR MORTGAGEE.

(6)  Unless otherwise provided in this title, and
subject to provisions in the bylaws requiring a different
majority, decisions of the council of unit owners shall be
made on a majority of votes of the unit owners listed on the
current roster present and voting.

(7)  THE INITIAL MEETING OF THE COUNCIL OF UNIT
OWNERS SHALL BE HELD WITHIN 6 MONTHS OF THE CREATION OF THE
CONDOMINIUM REGIME, OR WITHIN 60 DAYS FROM THE DATE THAT 50
PERCENT OF THE PERCENTAGE INTERESTS IN THE CONDOMINIUM HAVE
BEEN CONVEYED BY THE DEVELOPER TO THE INITIAL PURCHASERS OF
UNITS, WHICHEVER OCCURS FIRST.

(d) The council of unit owners may be either
incorporated as a nonstock corporation or unincorporated and
it is subject to those provisions of Title 5, Subtitle 2 of
the Corporations and Associations Article of the Code which
are not inconsistent with this title. The council of unit
owners has, 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 § 11-123 of this [subtitle] TITLE;

(2)  To adopt and amend REASONABLE rules and
regulations;

(3)  To adopt and amend budgets for revenues,
expenditures, and reserves and collect assessments for
common expenses from unit owners;

(4)  To sue and be sued, complain and defend, or
intervene in litigation or administrative proceedings in its
own name on behalf of itself or two or more unit owners on
matters affecting the condominium;

(5)  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;

(6)  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;