The powers of the condo association are set forth in the Declaration and By-laws that are recorded on the land records. The rules that the association makes are made pursuant to those documents. You should have received all of these documents before you purchased the property.
Since the documents are recorded on the land records, your purchase of the condo was made subject to the terms of those documents, and if they permit the association to limit your rental rights, your ownership is subject to those limitations.
If you do not have the documents, you can get a copy from the land records, which are available on the internet. If the association appears to be acting outside its authority or you are uncertain of how to proceed, you might wish to consult an attorney for more specific advice.
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