A. Authority: An association of timeshare owners shall be organized to serve as a means through which the timeshare owners may take action with regard to the administration, management and operation of the timeshare property. The association shall be organized as a corporation for profit, a nonprofit corporation or an unincorporated association or trust. The name of the association shall include the complete name of the timeshare property.
B. Members: Membership in the association shall be limited to timeshare owners.
C. Board Of Directors: 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.
D. Powers: Subject to the provisions of the timeshare instrument and bylaws, the association may:
1. Assume the role of managing entity;
2. Adopt and amend bylaws, rules and regulations;
3. Adopt and amend budgets for revenues, expenditures and reserves and levy and collect assessments for common expenses from timeshare owners;
4. Enforce the payment of assessments consistent with Idaho Code section 55-1518, as amended or subsequently codified;
5. Hire and terminate a managing agent or other employees, agents and independent contractors;
6. 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 (2) or more timeshare owners on any matter affecting the timeshare property;
7. Make contracts and incur liabilities;
8. Regulate the use, maintenance, repair, replacement and modification of timeshare property;
9. Acquire by purchase, lease, devise, gift or voluntary grant real property or any interest therein and take, hold, possess and dispose of real property or any interest therein;
10. Impose a charge for 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, rules and regulations of the association;
11. 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;
12. Exercise any other power conferred by a timeshare instrument or bylaws;
13. Exercise any other power determined by the association to be necessary and proper for the governing and operation of the association.
E. Existing Timeshare Property: Timeshare property or timeshare units which exist prior to the effective date hereof and which do not formally convert to timeshare pursuant to subsection 3-3-4C of this chapter, shall be required to comply with this section. (1990 Code)