707.30 Managing entity; association of unit owners.

132 words·~1 min read·/wi/chapter-707/707-30-2

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

(1)Legal entity. Except as otherwise provided in this section, the affairs of every time-share property shall be managed by an association which, whether incorporated or unincorporated, is a legal entity for all purposes.

(2)Organization of association.

(a)More than 12 time shares.

1. If the number of time shares in a time-share property exceeds 12, the developer shall establish an association to govern the time-share property not later than the date of the first conveyance of a time share in the time-share property to a purchaser. The association shall be organized as a profit or nonprofit corporation or as an unincorporated association. After it is organized, the membership of the association shall at all times consist exclusively of all of the time-share owners.