(a) Before the first sale of a time-share period, the developer shall create or provide for a managing entity, which may be the developer, a separate management firm or an owners' association, or some combination thereof.
(b) The managing entity shall act in the capacity of a fiduciary to the purchasers of the time-sharing plan.
(c) The duties of the managing entity shall include, but are not limited to:
(1) Management and maintenance of all accommodations and facilities constituting the time-sharing plan;