§ 34-41-2.02 - Time-share instrument.
SECTION 34-41-2.02
§ 34-41-2.02 Time-share instrument. –(a) Except as provided in subsection (b), more than twelve (12) time shares maybe created in a single time-share property only by a time-share instrumentcontaining or providing for the following matters:
(1) A legally sufficient description of the time-shareproperty and the name or other identification of the project, if any, withinwhich it is situated;
(2) The name of the municipalities in which the time-shareproperty is situated;
(3) Identification of time periods by letter, name, number orcombination thereof;
(4) The time-share expense liability and any voting rightsassigned to each time share;
(5) If additional units may become part of the time-shareproperty, the method of doing so and the formula for allocation andreallocation of the time-share expense liabilities and any votes;
(6) The method of designating the insurance trustee requiredunder § 34-41-3.08;
(7) Allocation of time for maintenance of the time-shareunits;
(8) Provisions for management by a managing entity or by thetime-share owners;
(9) If all of the time shares are time-share licenses, therights a licensee shall have, if his or her license is terminated, with respectto any of the property his or her license affects, or a statement that he orshe shall not have any rights; and
(10) Any requirements for amendments of the time-shareinstrument.
(b) If a time-share license applies to units in more than onetime-share property, the time-share instrument creating the license need notcontain or provide for the matters specified in subdivisions (1) – (7) ofsubsection (a).