66-32-108 - Developer control.
66-32-108. Developer control.
(a) The time-share instruments for a time-share estate program may provide for a developer control period, during which the developer or a managing agent selected by the developer may manage the time-share program and the units in the time-share program.
(b) If the time-share instruments for a time-share estate program provide for the establishment of a developer control period, they shall ordinarily include provisions for the following:
(1) Termination of the developer control period by action of the association;
(2) Termination of contracts for goods and services for the time-share program or for units in the time-share program entered into during the developer control period; and
(3) A regular accounting by the developer to the association as to all matters that significantly affect the interests of owners in the time-share program.
[Acts 1981, ch. 372, § 9; T.C.A., § 64-3209.]