'Homeowners association', for purposes of section 127 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).[Pre-1998 Recodification Citation: 34-4-11.5-1.3.]As added by P.L.1-1998, SEC.1.
Indiana Legal Code