§ 34-41-3.03 - Powers and duties in absence of managing entity.
SECTION 34-41-3.03
§ 34-41-3.03 Powers and duties in absenceof managing entity. – The developer has the duties imposed on the managing entity by this chapter andthe powers listed in § 34-41-3.02(a)(1) – (11) until a managingentity is provided or the developer and his or her affiliates own no estate orinterest in the time-share property. Thereafter, if there is no managing entityand the number of time shares in the time-share property is twelve (12) orfewer, the time-share owners have those powers subject to any provisions of thetime-share instrument relating to the manner of the exercise thereof and havethe responsibilities and liabilities of an association for the purposes of§§ 34-41-3.06 and 34-41-3.07. To the extent that the time-shareinstrument is silent with respect to the manner of exercise of any of thosepowers, the time-share owners may exercise them only by unanimous action.