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 ; (b) the powers and duties of the board, the method of appointment