As used in this chapter, "homeowners association" means a corporation or another entity that:

1. (1) is organized and operated exclusively for the benefit of two (2) or more persons who each own a dwelling in fee simple;

2. (2) acts, in accordance with bylaws governing the corporation or entity, to:

   1. (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 or entity;
   2. (B) purchase insurance to cover a casualty or an activity on or in the land and improvements on the land;
   3. (C) engage in an activity incidental to an activity described in clause (A) or (B); or
   4. (D) engage in more than one (1) of the activities described in clauses (A) through (C); and
3. (3) may be governed by a board that serves the purpose of setting policy and controlling or otherwise overseeing the activities or functional responsibilities of the corporation or entity.

As added by P.L.43-2013, SEC.1.