(a) The time-share instruments for a time-share estate plan may provide for a length of time, known as the 'developer control period', during which the developer, or a managing agent selected by the developer, may manage the time-share plan and the accommodations in the time-share plan.(b) If the time-share instruments for a time-share estate plan provide for the establishment of a developer control period, the procedure shall ordinarily include: (1) Termination of the developer control period by action of the association or by operation of the time-share instruments;(2) Termination of contracts for goods and services for the time-share plan or for accommodations in the time-share plan during the developer control period; and(3) A regular accounting by the developer to the association concerning matters that significantly affect the interests of owners in the time-share plan.Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.Acts 1983, No. 294, Art. 2, § 2-104; A.S.A. 1947, § 50-1311.
Arkansas Legal Code