(1) Except as provided in subsection (2) of this section, and subject to the provisions of the declaration, the association may: (a) Adopt and amend bylaws, rules, and regulations; (b) Adopt and amend budgets for revenues, expenditures, and reserves, and impose and collect assessments for common expenses from unit owners; (c) Hire and discharge or contract with managing agents and other employees, agents, and independent contractors; (d) Institute, 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; (e) Make contracts and incur liabilities; (f) Regulate the use, maintenance, repair, replacement, and modification of common elements; (g) Cause additional improvements to be made as a part of the common elements; (h) Acquire, hold, encumber, and convey in its own name any right, title, or interest to real or personal property, but common elements may be conveyed or subjected to a security interest only pursuant to RCW 64.34.348 ; (i) Grant easements, leases, licenses, and concessions through or over the common elements and petition for or consent to the vacation of streets and alleys; (j) Impose and collect any payments, fees, or charges for the use, rental, or operation of the common elements, other than limited common elements described in RCW 64.34.204 (2) and (4), and for services provided to unit owners; (k) Impose and collect charges for late payment of assessments pursuant to RCW 64.34.364 (13) and, after notice and an opportunity to be heard by the board of directors or by such representative designated by the board of directors and in accordance with such procedures as provided in the declaration or bylaws or rules and regulations adopted by the board of directors, levy reasonable fines in accordance with a previously established schedule thereof adopted by the board of directors and furnished to the owners for violations of the declaration, bylaws, and rules and regulations of the association; (l) Impose and collect reasonable charges for the preparation and recording of amendments to the declaration, resale certificates required by RCW 64.34.425 , and statements of unpaid assessments; (m) Provide for the indemnification of its officers and board of directors and maintain directors' and officers' liability insurance; (n) Assign its right to future income, including the right to receive common expense assessments, but only to the extent the declaration provides; (o) Join in a petition for the establishment of a parking and business improvement area, participate in the ratepayers' board or other advisory body set up by the legislative authority for operation of a parking and business improvement area, and pay special assessments levied by the legislative authority on a parking and business improvement area encompassing the condominium property for activities and projects which benefit the condominium directly or indirectly; (p) Establish and administer a reserve account as described in RCW 64.34.380 ; (q) Prepare a reserve study as described in RCW 64.34.380 ; (r) Exercise any other powers conferred by the declaration or bylaws; …

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