76-1709.

Time-share estate program; instruments; developer-control period.

(1) The time-share instruments for a time-share estate program may provide for a period of time, known as the developer-control period, during which the developer or a managing agent selected by the developer shall manage the time-share program and the units in the time-share program.

(2) If the time-share instruments for a time-share estate program provide for the establishment of a developer-control period, they shall include, but not be limited to, provisions for the following:

(a) Termination of the developer-control period by action of the association;

(b) Termination of contracts for goods and services for the time-share program or for units in the time-share program entered into during the developer-control period; and

(c) A regular accounting by the developer to the association as to all matters that significantly affect the interests of owners in the time-share program.