§ 34-41-3.01. Managing entity. (a) If the number of time shares in a time-share property is more than twelve (12), the developer, before the first transfer of a time-share, must create or provide a managing entity to manage the time-share property. The managing entity may be (i) a manager, who may be the developer, or, […]
§ 34-41-3.02. Powers of managing entity. (a) Subject to the provisions of subsection (b) and the time-share instrument, the association, even if unincorporated, may: (1) Adopt and amend bylaws, rules, and regulations; (2) Adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for time-share expenses from time-share owners; (3) Hire and discharge […]
§ 34-41-3.03. Powers and duties in absence of managing entity. The developer has the duties imposed on the managing entity by this chapter and the powers listed in § 34-41-3.02(a)(1) — (11) until a managing entity is provided or the developer and his or her affiliates own no estate or interest in the time-share property. […]
§ 34-41-3.04. Transfer of special developer rights. (a) For the purposes of this section, “special developer right” means a right reserved for the benefit of a developer to add more units to a time-share property (§ 34-41-2.02(a)(5)); to maintain sales offices, management offices, models, and signs (§ 34-41-2.06); or to appoint, control, or serve as […]
§ 34-41-3.05. Termination of contracts and leases of developer. (a) If, before the developer ceases to appoint, control, or serve as the managing entity, there is entered into (i) any management contract, employment contract, or lease of recreational or parking areas or facilities, (ii) any other contract or lease between the managing entity and a […]
§ 34-41-3.06. Upkeep of units. Except to the extent otherwise provided by the time-share instrument, the managing entity is responsible for maintenance, repair, and replacement of the time-share units and any personal property available for use by time-share owners in conjunction therewith, other than personal property separately owned by a time-share owner. Each time-share owner […]
§ 34-41-3.07. Tort and contract liability. (a) A time-share owner is personally liable for his or her own acts and omissions and those of his or her employees and agents other than the managing entity. (b) An action may not be maintained against a time-share owner, nor is a time-share owner precluded from maintaining an […]
§ 34-41-3.08. Insurance. (a) Commencing not later than the time a developer offers a time share for sale in a time-share property in which the number of time shares is more than twelve (12), the managing entity shall maintain, to the extent reasonably available and applicable and not otherwise unanimously agreed by the time-share owners […]
§ 34-41-3.09. Surplus funds. Unless otherwise provided in the time-share instrument, any surplus funds derived from the time-share owners or from property belonging to them or their association and held by a managing entity remaining after payment of or provision for time-share expenses and any pre-payment of reserves must be paid to the time-share owners […]
§ 34-41-3.10. Assessments for time-share expenses. (a) Until time-share expense assessments are made against the time-share owners, the developer shall pay all time-share expenses. After any time-share expense assessment has been made against the time-share owners, time-share expense assessments must be made at least annually, based on a budget adopted at least annually by the […]
§ 34-41-3.11. Lien for assessments. (a) A person who has a duty to make assessments for time-share expenses has a lien on a time share for any assessment levied against that time share or fines imposed against its owner from the time the assessment or fine becomes due. The lien may be foreclosed in like […]
§ 34-41-3.12. Financial records. A person who has a duty to make time-share expense assessments shall keep financial records sufficiently detailed to enable him or her to comply with § 34-41-4.07. All financial and other records must be made reasonably available for examination by any time-share owner or his or her authorized agent. History of […]
§ 34-41-3.13. Authority of trustee. With respect to a third person dealing with a trustee, under § 34-41-2.05 or § 34-41-3.08, the existence of trust powers and their proper exercise by the trustee may be assumed without inquiry. A third person is not bound to inquire whether the trustee has power to act as trustee […]
§ 34-41-3.14. Initiative, referendum, and recall — General provisions. (a) For the purpose of this section and §§ 34-41-3.15, 34-41-3.16, and 34-41-3.17: (1) “Owner” means a person who is an owner or co-owner of a time-share estate or, in the case of a unit that is not a time-share unit, a person who is an […]
§ 34-41-3.15. Direct initiative by owners. (a) The owners may amend the project instrument or any unrecorded document governing the project, or approve or disapprove any proposed expenditure, in the manner provided by this section in addition to any manner permitted by other law or by the instrument or document. (b) Any owner may deliver […]
§ 34-41-3.16. Referendum of owners. (a) No amendment to the project instrument may be adopted except pursuant to this section or § 34-41-3.15. The project instrument may specify other matters to be determined by referendum of the owners and may permit the managing entity to select matters to be determined in that manner. (b) Whenever […]
§ 34-41-3.17. Recall of manager by owners. (a) The owners may discharge the manager with or without cause in the manner provided by this section in addition to any manner permitted by other law or by the project instrument. (b) Any owner may prepare a ballot affording the opportunity to indicate a preference between retaining […]
