707.30 Managing entity; association of unit owners.

292 words·~1 min read·/wi/chapter-707/707-30-3

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.

2. If a developer does not establish an association under subd. 1. , any interested party, including a time-share owner or a holder of a lien in the time-share property, may petition the circuit court in the county in which the time-share property is located to establish an association and prescribe the powers of the managing entity in accordance with sub.

(5).

(b)Twelve or fewer time shares. If the number of time shares in the time-share property is 12 or fewer, 3 or more time-share owners may form an association to manage the time-share property.

(3)Developer control period. Until an association is established under sub.

(2)or unless time-share owners exercise the authority granted under sub.

(6), the developer has the power and responsibility to act in all instances in which this chapter, any other provision of law, the time-share instrument or project instrument requires action by the association or its officers.

(4)Board of directors.