§ 34-41-2.03 - Allocation of time-share expense liability and voting rights.
SECTION 34-41-2.03
§ 34-41-2.03 Allocation of time-shareexpense liability and voting rights. – (a) The time-share instrument must state the amount of or formula used todetermine any time-share expense liability allocated to each time share.
(b) If the time-share instrument provides for voting, it mustallocate votes to each time-share unit and to each time-share estate and mayallocate votes to any time-share license. It may not allocate any votes to anyother property or to any person who is not a time-share owner. The number ofvotes allocated to each time share must be equal for all time shares orproportionate to each time share's value as estimated by the developer,time-share expense liability, or unit size. The time-share instrument mayspecify some matters as to which the votes must be equal and others as to whichthey must be proportionate.
(c) Except as otherwise provided pursuant to §34-41-2.02(a)(5), the votes and time-share expense liability allocated to atime share may not be altered without the unanimous consent of all time-shareowners entitled to vote and voting at a meeting in which at least eightypercent (80%), or in an initiative or referendum in which at least eightypercent (80%), of the votes allocated to time shares are cast.
(d) Except for minor variations due to rounding, the sum ofthe time-share expense liabilities assigned to all time shares must equal oneif stated as fractions or one hundred percent (100%) if stated as percentages.In the event of discrepancy between the time-share liability or votes allocatedto a time share and the result derived from the application of the formulas,the allocated time-share expense liability of vote prevails.