The articles of incorporation of a homeowners' association shall provide:

1. (1) That the association has the power to negotiate for, acquire, and operate the mobile home park on behalf of the mobile home owners.

2. (2) For the conversion of the mobile home park once acquired to a condominium, a cooperative, a subdivision form of ownership, or another type of ownership. Upon acquisition of the property, the association, by action of its board of directors, shall be the entity that:

   1. (A) creates a condominium, cooperative, or subdivision;
   2. (B) is responsible for offers of sale or lease; or
   3. (C) if the home owners choose a different form of ownership, the entity that owns the record interest in the property is responsible for the operation of property.

(Source: P.A. 103-766, eff. 1-1-25.)