§ 55-368. Time-share instrument for time-share estate project.
In addition to the requirements of § 55-367, the time-share instrument for atime-share estate project shall outline or prescribe reasonable arrangementsfor the management and operation of the time-share estate program and for themaintenance, repair, and furnishing of units comprising it, which shallinclude, but need not be limited to, provisions for the following:
1. Creation of an association, the members of which shall be the time-shareestate owners. The association may be formed pursuant to the VirginiaNonstock Corporation Act (§ 13.1-801 et seq.); however, the association shallbe formed prior to the time the project and program are registered with theBoard. Nothing shall affect the validity of the association, once formed, andthe rights applicable to it as granted by this chapter, notwithstanding thetime when such association was formed;
2. Payment of costs and expenses of operating the time-share estate programand owning and maintaining the units comprising it;
3. Employment and termination of employment of the managing agent for theproject. Any agreement pertaining to the employment of the managing agent andexecuted during the developer control period shall be voidable by theassociation at any time after termination of the developer control period forthe time-share project, and any provision in such agreement to the contraryis hereby declared to be void;
4. Termination of leases and contracts for goods and services for thetime-share estate project, which are entered into during the developercontrol period. Any such lease or contract shall become voidable at theoption of the association upon termination of the developer control periodfor the entire time-share project, or sooner if the provisions of such leaseor contract so state;
5. Preparation and dissemination to time-share estate owners of the annualreport required by § 55-370.1;
6. Adoption of standards and rules of conduct for the use, enjoyment, andoccupancy of units by the time-share estate owners;
7. Collection of regular assessments, fees or dues, and/or specialassessments from time-share estate owners to defray all time-share expenses;
8. Comprehensive general liability insurance for death, bodily injury, andproperty damage arising out of, or in connection with, the use and enjoymentof the project by time-share estate owners, their guests and other users. Thecosts associated with securing and maintaining such insurance shall be atime-share expense. Nothing herein shall be construed to obligate themanaging entity to secure insurance on the conduct of the time-share estateowners, their guests and other users, or the personal effects or property ofsuch owners, guests, and users;
9. Methods for providing compensation or alternate use periods or monetarycompensation to a time-share estate owner if his contracted-for unit cannotbe made available for the period to which the owner is entitled by scheduleor by confirmed reservation;
10. Procedures for imposing a monetary penalty or suspension of a time-shareestate owner's rights and privileges in the time-share estate program ortime-share project for failure of such owner to comply with provisions of thetime-share instrument or the rules and regulations of the association withrespect to the use and enjoyment of the units and the time-share project.Under these procedures a time-share estate owner must be given reasonablenotice and reasonable opportunity to be heard and explain the charges againsthim in person or in writing to the board of directors of the associationbefore a decision to impose discipline is rendered; and
11. Employment of attorneys, accountants, and other professional persons asnecessary to assist in the management of the time-share estate program andthe units comprising it.
(1981, c. 462; 1985, c. 517; 1989, c. 637; 1991, c. 704; 1994, c. 580; 1998,c. 460.)
§ 55-368. Time-share instrument for time-share estate project.
In addition to the requirements of § 55-367, the time-share instrument for atime-share estate project shall outline or prescribe reasonable arrangementsfor the management and operation of the time-share estate program and for themaintenance, repair, and furnishing of units comprising it, which shallinclude, but need not be limited to, provisions for the following:
1. Creation of an association, the members of which shall be the time-shareestate owners. The association may be formed pursuant to the VirginiaNonstock Corporation Act (§ 13.1-801 et seq.); however, the association shallbe formed prior to the time the project and program are registered with theBoard. Nothing shall affect the validity of the association, once formed, andthe rights applicable to it as granted by this chapter, notwithstanding thetime when such association was formed;
2. Payment of costs and expenses of operating the time-share estate programand owning and maintaining the units comprising it;
3. Employment and termination of employment of the managing agent for theproject. Any agreement pertaining to the employment of the managing agent andexecuted during the developer control period shall be voidable by theassociation at any time after termination of the developer control period forthe time-share project, and any provision in such agreement to the contraryis hereby declared to be void;
4. Termination of leases and contracts for goods and services for thetime-share estate project, which are entered into during the developercontrol period. Any such lease or contract shall become voidable at theoption of the association upon termination of the developer control periodfor the entire time-share project, or sooner if the provisions of such leaseor contract so state;
5. Preparation and dissemination to time-share estate owners of the annualreport required by § 55-370.1;
6. Adoption of standards and rules of conduct for the use, enjoyment, andoccupancy of units by the time-share estate owners;
7. Collection of regular assessments, fees or dues, and/or specialassessments from time-share estate owners to defray all time-share expenses;
8. Comprehensive general liability insurance for death, bodily injury, andproperty damage arising out of, or in connection with, the use and enjoymentof the project by time-share estate owners, their guests and other users. Thecosts associated with securing and maintaining such insurance shall be atime-share expense. Nothing herein shall be construed to obligate themanaging entity to secure insurance on the conduct of the time-share estateowners, their guests and other users, or the personal effects or property ofsuch owners, guests, and users;
9. Methods for providing compensation or alternate use periods or monetarycompensation to a time-share estate owner if his contracted-for unit cannotbe made available for the period to which the owner is entitled by scheduleor by confirmed reservation;
10. Procedures for imposing a monetary penalty or suspension of a time-shareestate owner's rights and privileges in the time-share estate program ortime-share project for failure of such owner to comply with provisions of thetime-share instrument or the rules and regulations of the association withrespect to the use and enjoyment of the units and the time-share project.Under these procedures a time-share estate owner must be given reasonablenotice and reasonable opportunity to be heard and explain the charges againsthim in person or in writing to the board of directors of the associationbefore a decision to impose discipline is rendered; and
11. Employment of attorneys, accountants, and other professional persons asnecessary to assist in the management of the time-share estate program andthe units comprising it.
(1981, c. 462; 1985, c. 517; 1989, c. 637; 1991, c. 704; 1994, c. 580; 1998,c. 460.)
§ 55-368. Time-share instrument for time-share estate project.
In addition to the requirements of § 55-367, the time-share instrument for atime-share estate project shall outline or prescribe reasonable arrangementsfor the management and operation of the time-share estate program and for themaintenance, repair, and furnishing of units comprising it, which shallinclude, but need not be limited to, provisions for the following:
1. Creation of an association, the members of which shall be the time-shareestate owners. The association may be formed pursuant to the VirginiaNonstock Corporation Act (§ 13.1-801 et seq.); however, the association shallbe formed prior to the time the project and program are registered with theBoard. Nothing shall affect the validity of the association, once formed, andthe rights applicable to it as granted by this chapter, notwithstanding thetime when such association was formed;
2. Payment of costs and expenses of operating the time-share estate programand owning and maintaining the units comprising it;
3. Employment and termination of employment of the managing agent for theproject. Any agreement pertaining to the employment of the managing agent andexecuted during the developer control period shall be voidable by theassociation at any time after termination of the developer control period forthe time-share project, and any provision in such agreement to the contraryis hereby declared to be void;
4. Termination of leases and contracts for goods and services for thetime-share estate project, which are entered into during the developercontrol period. Any such lease or contract shall become voidable at theoption of the association upon termination of the developer control periodfor the entire time-share project, or sooner if the provisions of such leaseor contract so state;
5. Preparation and dissemination to time-share estate owners of the annualreport required by § 55-370.1;
6. Adoption of standards and rules of conduct for the use, enjoyment, andoccupancy of units by the time-share estate owners;
7. Collection of regular assessments, fees or dues, and/or specialassessments from time-share estate owners to defray all time-share expenses;
8. Comprehensive general liability insurance for death, bodily injury, andproperty damage arising out of, or in connection with, the use and enjoymentof the project by time-share estate owners, their guests and other users. Thecosts associated with securing and maintaining such insurance shall be atime-share expense. Nothing herein shall be construed to obligate themanaging entity to secure insurance on the conduct of the time-share estateowners, their guests and other users, or the personal effects or property ofsuch owners, guests, and users;
9. Methods for providing compensation or alternate use periods or monetarycompensation to a time-share estate owner if his contracted-for unit cannotbe made available for the period to which the owner is entitled by scheduleor by confirmed reservation;
10. Procedures for imposing a monetary penalty or suspension of a time-shareestate owner's rights and privileges in the time-share estate program ortime-share project for failure of such owner to comply with provisions of thetime-share instrument or the rules and regulations of the association withrespect to the use and enjoyment of the units and the time-share project.Under these procedures a time-share estate owner must be given reasonablenotice and reasonable opportunity to be heard and explain the charges againsthim in person or in writing to the board of directors of the associationbefore a decision to impose discipline is rendered; and
11. Employment of attorneys, accountants, and other professional persons asnecessary to assist in the management of the time-share estate program andthe units comprising it.
(1981, c. 462; 1985, c. 517; 1989, c. 637; 1991, c. 704; 1994, c. 580; 1998,c. 460.)
