§ 34-41-2.01 - Time shares in projects.
SECTION 34-41-2.01
§ 34-41-2.01 Time shares in projects.– (a) If all of the documents constituting the project instrument are recordedafter May 7, 1984, time shares may not be created in any unit in a projectunless expressly permitted by the project instrument. No amendment to a projectinstrument which is recorded after May 7, 1984 may permit the creation of timeshares unless the owners of at least eighty percent (80%) of the units, or anylarger majority required by the project instrument or by law, consent to theamendment.
(b) A municipality by and through adoption of its zoningordinance shall be empowered to designate zones in which time-share ownershipof property is permitted by right or by special exception, provided howeverthat time share ownership of property shall be permitted in zones wherehotels-motels are permitted by right or by special exception. In the event themunicipality does not adopt an ordinance designating zones in which time shareownership of property is permitted by right or by special exception, thissection shall not be construed to require a designation of a time share zoneprior to development, nor impose any requirement upon a time share propertywhich the zoning code of the respective community would not impose upon aphysically identical development under a different form of ownership.