Section 19: Managing entity

176 words·~1 min read·/ma/part-ii/title-i/chapter-183b/19

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 19.

(a)If the number of time-shares in a time-share property is more than twelve, the developer, before the first transfer of a time-share, shall create or provide a managing entity to manage the time-share property. The managing entity may be

(i)a manager, who may be the developer, or

(ii)an association, which shall be a profit or nonprofit corporation or an unincorporated association, the membership of which shall at all times consist exclusively of all the time-share owners. If the time-share property is part of a project containing time-share units and other units, the manager may be the entity that governs the project. If the number of time-shares in the time-share property is twelve or fewer and there is no managing entity, the time-share owners may form an association meeting the requirements specified above.

(b)In the absence of a managing entity required by this section, a court upon application of a party in interest, including a time-share owner or a lien holder, may appoint and prescribe the powers of a managing entity.