(1) The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to:
(a) Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or
(b) Prevent the association or the executive board from commencing, intervening in, or settling any solicitation or proceeding; or
(c) Prevent any insurance trustee or the association from receiving and distributing any insurance proceeds pursuant to section 38-33.3-313.
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