14.Removal from provision of Act.:– (1) All the apartment owners may remove a property from the provisions of this Act by any instrument to that effect duly executed:
Provided that the holders of all charges and other encumbrances affecting any of the apartments may consent thereto or agree, in either case by instruments duly executed, that their charges or encumbrances be transferred to the percentage of the undivided interest of the apartment owner in the property as hereinafter provided.
(2)Upon removal of the property from the provisions of this Act, the property shall be deemed to be owned in common by the apartment owners. The undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of undivided interest previously owned by such owner in the common areas and facilities.
15.Removal no bar to subsequent resubmission of property to Act.:-
The removal provided for in section 14 shall in no way bar the subsequent resubmission of the property to the provisions of this Act.
16.Bye-laws.- (1) The Administration of every property shall be governed by bye-laws, a true copy of which shall be annexed to the declaration. No modification of or amendment to the bye-laws shall be valid unless set forth in an amendment to the declaration and such amendment is duly recorded and a copy thereof is duly filed with the competent authority.
(2)The bye-laws shall provide for the following matters, namely:-
(a)the election from among the apartment owners of a Board of Managers, the number of persons constituting the same, the tenure of such Board and that the term of at least one third of the members of such Board shall expire annually; the powers and duties of the Board, the method of appointment and removal from office of Secretary, Manager or Managing Agent and specifying which of the powers and duties granted to the Board by this Act or otherwise may be delegated by the Board to any or all of them;
(b)the method of calling meeting of the Board of Managers or of the apartment owners including the procedure of voting and quorum;
(c)the election of a President from among the members of the Board of Managers to preside over the meetings of such Board and of the Association of Apartment Owners;
(d)election of a Secretary, who shall keep a minute book wherein resolution shall be recorded;
(e)the election of a Treasurer who shall keep the financial records and books of accounts;
(f)the maintenance, repair and replacement of the common areas and facilities and payments therefore;
(g)the manner of collecting from the apartment owners their share of the common expenses;
(h)the designation and removal of person employed for the maintenance, repair and replacement of the common areas and facilities;
(j)such restrictions on the requirements respecting the use and maintenance of the apartments and the use of the common areas and facilities not set forth in the declaration, as are designed to prevent unreasonable interference with the use of their respective apartments and of the common areas and facilities by the apartment owners;
(k)the percentage of the votes required to amend the bye-laws and the procedure for such amendments.
(3)The bye-laws may also provide for the following matters namely:-
(a)subject to the provisions of this Act, provisions for regulating transfer or partition of any apartment and percentage of undivided interest in the common areas and facilities appurtenant to such apartment, subject to such terms and conditions as may be specified in the bye-laws;
(b)provisions enabling the Board of Managers to lease out certain areas of the property for the purposes for which the same are meant and for distribution of resulting proceeds to the apartment owners as income or application thereto in reduction of their common charges for maintaining the said property;
(c)any other provisions not inconsistent with the provisions of this Act, relating to the audit and accounts and administration of the property and annual and special general meetings, annual report and the like.