HARRY HUGHES, Governor

2969

(14) IF ANY OF THE TIME-SHARES ARE TIME-SHARE
LICENSES, A STATEMENT OF WHAT RIGHTS A TIME-SHARE LICENSEE WILL
HAVE IF THE LICENSE IS TERMINATED OR A STATEMENT THAT SUCH
LICENSEE WILL HAVE NO RIGHTS.

11A-104.

(A)  TIME-SHARES MAY BE CREATED IN ANY UNIT IN EXISTENCE
BEFORE JULY 1, 1984 JANUARY 1, 1985 UNLESS PROHIBITED BY A
PROJECT INSTRUMENT. IF TIME-SHARES ARE NOT PROHIBITED BY THE
PROJECT INSTRUMENT, THE OWNERS OF AT LEAST 51 34 PERCENT OF THE
UNITS IN THE PROJECT MAY SIGN AND RECORD A DOCUMENT AMONG THE
LAND RECORDS OF THE COUNTY WHERE THE PROJECT IS LOCATED, STATING
AN INTENT TO LIMIT TIME-SHARES IN THE PROJECT, AND REFERRING TO
THIS SECTION. THEREAFTER, NO PERSON OR OTHER ENTITY MAY BECOME A
DEVELOPER WITH RESPECT TO MORE THAN 1 UNIT IN THE PROJECT, BUT
THIS LIMITATION WILL NOT APPLY TO UNITS OF WHICH THE DEVELOPER
WAS OWNER OF RECORD PRIOR TO THE RECORDING OF THE AFOREMENTIONED
DOCUMENT.

(B)  THE LIMITATIONS ON TIME-SHARES CREATED BY THE RECORDING
OF A DOCUMENT AS PROVIDED IN SUBSECTION (A) MAY BE REMOVED BY THE
RECORDATION AMONG THE LAND RECORDS OF THE COUNTY WHERE THE
PROJECT IS LOCATED OF A DOCUMENT REMOVING TIME-SHARE LIMITATIONS
SIGNED BY OWNERS OF AT LEAST 80 PERCENT OF THE UNITS IN THE
PROJECT.

(C)  FOR THE PURPOSES OF SIGNING A DOCUMENT PROVIDED FOR IN
SUBSECTION (A) OR SUBSECTION (B), ANY PERSON DESIGNATED BY THE
OWNERS OF A MAJORITY OF THE TIME SHARE INTERVALS TIME-SHARES IN A
UNIT MAY SIGN AS THE OWNER OF THAT UNIT UNLESS THE RELEVANT
TIME-SHARE INSTRUMENT PROVIDES OTHERWISE.

(D) ALL DOCUMENTS PROVIDED FOR IN THIS SECTION SHALL BE
UNDER OATH OR AFFIRMED UNDER PENALTY OF PERJURY.

11A-105.

IN ADDITION TO THE REQUIREMENTS OF § 11A-103, WITH RESPECT
TO A TIME-SHARE ESTATE, THE TIME-SHARE INSTRUMENT SHALL DESCRIBE
ARRANGEMENTS FOR THE MANAGEMENT AND OPERATION OF THE TIME-SHARE
ESTATE PROJECT AND FOR THE MAINTENANCE, REPAIR, AND FURNISHING OF
TIME-SHARE UNITS IN THE PROJECT, WHICH SHALL INCLUDE PROVISIONS
FOR THE FOLLOWING:

(1)  CREATION OF AN ASSOCIATION;

(2)  ASSESSMENT AND COLLECTION OF TIME-SHARE EXPENSES;

(3)  EMPLOYMENT AND TERMINATION OF THE MANAGING ENTITY
FOR THE TIME-SHARE ESTATE PROJECT. NO AGREEMENT BETWEEN THE
DEVELOPER AND THE MANAGING ENTITY SHALL BE LONGER THAN 2 YEARS;