WILLIAM DONALD SCHAEFER, Governor Ch. 140

for residential condominium units; and generally relating to residential
condominiums.

BY repealing and reenacting, with amendments,
Article - Real Property
Section ll-109(c)(15) and ll-126(e)
Annotated Code of Maryland
(1988 Replacement Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Real Property

11-109.

(c) (15) A meeting of the council of unit owners shall be held within 60 days
from the date that UNITS REPRESENTING 50 percent of the [percentage interests]
VOTES in the condominium have been conveyed by the developer to the initial
purchasers of units to elect officers or a board of directors for the council of unit
owners, as provided in the condominium declaration or bylaws.

11-126.

(e) Any purchaser may at any time (1) within 15 days following receipt of all of
the information required under subsection (b) of this section OR THE SIGNING OF
THE CONTRACT, WHICHEVER IS LATER; and (2) within 5 days following receipt
of the information required under subsection (d) of this section, rescind in writing the
contract of sale without stating any reason and without any liability on his part, and he
shall be entitled to the return of any deposits made on account of the contract.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved April 24, 1990.

CHAPTER 140
(House Bill 241)

AN ACT concerning

Time-Share Owners

FOR the purpose of exempting time-share owners reselling their own units from
certain requirements concerning public offering statements under certain
circumstances; and generally relating to time-share sales.

BY repealing and reenacting, with amendments,

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