Code · Massachusetts · Part II — REAL AND PERSONAL PROPERTY AND DOMESTIC RELATIONS · Title I — THE GENERAL LAWS, AND EXPRESS REPEAL OF CERTAIN ACTS AND RESOLVES · Chapter 183B

Section 27: Surplus funds

102 words·~1 min read·/ma/part-ii/title-i/chapter-183b/27

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

Section 27. Unless otherwise provided in the time-share instrument, the by-laws, rules or regulations of the time-share association or otherwise determined by the time-share owners at a meeting of time-share owners or pursuant to either section thirty-three or thirty-four, any surplus funds derived from the time-share owners or from property belonging to said time-share owners or their association and held by a managing entity remaining after payment of or provision for time-share expenses and any required reserves shall be paid to the time-share owners in proportion to their time-share expense liabilities or credited to them to reduce their future time-share expense assessments.