Amendment status not verified — confirm the current text below against the official source.
The President or Secretary of an Association or a Society of Apartment Owners, if so required by the declaration or the bye-laws or by a majority of the apartment owners, shall have the authority to and shall obtain insurance coverage for the property against loss or damage by fire and such other hazards and under such terms and for such amounts as shall be required. Such insurance shall be in the name of the President or Secretary of the Association or Society of Apartment Owners as trustee for each of the apartment owners in the percentage established in the declaration. Prohibition of selling , leasing and misuse of common areas or facilities