§ 34-41-3.01 - Managing entity.
SECTION 34-41-3.01
§ 34-41-3.01 Managing entity. – (a) If the number of time shares in a time-share property is more than twelve(12), the developer, before the first transfer of a time-share, must create orprovide a managing entity to manage the time-share property. The managingentity may be (i) a manager, who may be the developer, or, (ii) an association,which must be a profit or non-profit corporation or an unincorporatedassociation, the membership of which must at all times consist exclusively ofall the time-share owners. If the time-share property is part of a projectcontaining time-share units and other units, the manager may be the entity thatgoverns the project. If the number of time shares in the time-share property istwelve (12) or fewer and there is no managing entity, the time-share owners mayform an association meeting the requirements specified above.
(b) In the absence of a managing entity required by thissection, a court upon application of a party in interest, including atime-share owner or a lienholder, may appoint and prescribe the powers of amanaging entity.