448.2-120.  Master associations. — 1.  If the declaration for a condominium provides that any of the powers described in section 448.3-102 are to be exercised by or may be delegated to a profit or not for profit corporation or unincorporated association which exercises those or other powers on behalf of one or more condominiums or for the benefit of the unit owners of one or more condominiums, all provisions of sections 448.1-101 to 448.4-120 applicable to unit owners' associations apply to any such corporation or unincorporated association, except as modified by this section.

  2.  Unless a master association is acting in the capacity of an association described in section 448.3-101, it may exercise the powers set forth in subdivision (2) of subsection 1 of section 448.3-102 only to the extent expressly permitted in the declarations of condominiums which are part of the master association or expressly described in the delegations of power from such condominiums to the master association.

  3.  If the declaration of any condominium provides that the executive board may delegate certain powers to a master association, the members of the executive board have no liability for the acts or omissions of the master association with respect to those powers following delegation.

  4.  The rights and responsibilities of unit owners with respect to the unit owners' association set forth in sections 448.3-103, 448.3-108, 448.3-109, 448.3-110, and 448.3-112 apply in the conduct of the affairs of a master association only to those persons who elect the board of a master association, whether or not such persons are otherwise unit owners within the meaning of sections 448.1-101 to 448.4-120.

  5.  Notwithstanding the provisions of section 448.3-103 with respect to the election of the executive board of an association, and even if a master association is also an association described in section 448.3-101, the certificate of incorporation or other instrument creating the master association and the declaration of each condominium, the powers of which are assigned by the declaration or delegated to the master association, may provide that the executive board of the master association shall be elected in any of the following ways:

  (1)  All unit owners of all condominiums subject to the master association may elect all members of that executive board;

  (2)  All members of the executive boards of all condominiums subject to the master association may elect all members of that executive board;

  (3)  All unit owners of each condominium subject to the master association may elect specified members of that executive board; or

  (4)  All members of the executive board of each condominium subject to the master association may elect specified members of that executive board.