Sec. 87. "Homeowners association", for purposes of section 175 of this chapter, means a corporation or other entity that: (1) is organized and operated exclusively for the benefit of two (2) or more persons who each own a dwelling in fee simple; and (2) acts, in accordance with the articles, bylaws, and other documents governing the entity, to: (A) acquire, transfer, manage, repair, maintain, or engage in construction on or in the land and improvements on the land related to the use of the dwellings owned by the members of the corporation; (B) purchase insurance to cover a casualty or an activity on or in the land and improvements on the land; (C) engage in an activity incidental to an activity described in clause (A) or (B); or (D) engage in more than one (1) of the activities described in clauses (A) through (C).
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