What does contain the declaration of co-ownership?

First of all, we find there the constituting act of co-ownership which defines the destination of the immovable property, the common portions and the private portions and their relative value. Since January 10, 2020, the constituting act may contain a penalty clause applicable in the case of non-compliance with the declaration of co-ownership. A penalty clause is valid only if it is drafted in clear terms and imposes specific penalties. Then, we find there the by-laws of the immovable which govern the enjoyment, use and maintenance of the common and private portions as well as the operation and administration of the divided co-ownership. Finally we find there the description of the fractions containing the cadastral description of the co-ownership.