The bylaws may contain provisions:

    (a) As are deemed appropriate for the administration of the condominium project not inconsistent with this act or any other applicable laws.

    (b) For restrictions on the sale, lease, license to use, or occupancy of condominium units.

    (c) For insuring the co-owners against risks affecting the condominium project, without prejudice to the right of each co-owner to insure his condominium unit or condominium units on his own account and for his own benefit.