1. Except as otherwise provided in this section, a time-share instrument may provide for a period of the developer’s control of an association during which the developer, or a person designated by the developer, may appoint and remove the officers of the association and the members of the board. Regardless of the period provided in the time-share instrument, the period of the developer’s control of the association terminates no later than:
(a) One hundred and twenty days after conveyance of 80 percent of the time shares that may be created by the time-share instrument to owners other than the developer;
(b) Five years after the developer has ceased to offer time shares for sale in the ordinary course of business; or
(c) Five years after any right to add new time shares was last exercised,
whichever occurs earlier.
2. A developer may voluntarily surrender the right to appoint and remove officers and members of the board before the end of the period provided for in subsection 1 by executing and recording with the time-share instrument a written instrument declaring the surrender. If such an instrument is recorded, the developer may require that, for the duration of the period of the developer’s control, specified actions of the association or board, as described in the recorded instrument, be approved by the developer before they become effective.
3. Not later than 60 days after conveyance of 25 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, at least one member and not less than 25 percent of the members of the board must be elected by owners other than the developer. Not later than 60 days after conveyance of 50 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, not less than 33 1/3 percent of the members of the board must be elected by owners other than the developer.
(Added to NRS by 2001, 2496)
Structure Nevada Revised Statutes
NRS 119A.020 - "Administrator" defined.
NRS 119A.030 - "Affiliate of the developer" defined.
NRS 119A.031 - "Affiliate of the manager" defined.
NRS 119A.032 - "Association" defined.
NRS 119A.033 - "Blanket encumbrance" defined.
NRS 119A.034 - "Board" defined.
NRS 119A.035 - "Branch office" defined.
NRS 119A.036 - "Common area" defined.
NRS 119A.038 - "Component site" defined.
NRS 119A.040 - "Developer" defined.
NRS 119A.041 - "Developer’s reserved rights" defined.
NRS 119A.050 - "Division" defined.
NRS 119A.052 - "Limited common area" defined.
NRS 119A.054 - "Manager" defined.
NRS 119A.055 - "Material change" defined.
NRS 119A.056 - "Owner" defined.
NRS 119A.058 - "Permanent identifying number" defined.
NRS 119A.060 - "Permit" defined.
NRS 119A.070 - "Person" defined.
NRS 119A.080 - "Project" defined.
NRS 119A.090 - "Project broker" defined.
NRS 119A.100 - "Public offering statement" defined.
NRS 119A.110 - "Purchaser" defined.
NRS 119A.120 - "Representative" defined.
NRS 119A.130 - "Sales agent" defined.
NRS 119A.133 - "Sales and marketing entity" defined.
NRS 119A.137 - "Statement of record" defined.
NRS 119A.140 - "Time share" defined.
NRS 119A.150 - "Time-share instrument" defined.
NRS 119A.152 - "Time-share plan" defined.
NRS 119A.153 - "Time-share resale" defined.
NRS 119A.156 - "Time-share resale broker" defined.
NRS 119A.160 - "Unit" defined.
NRS 119A.170 - Applicability of this chapter and chapter 645 of NRS.
NRS 119A.174 - Applicability of local ordinances, regulations and building codes.
NRS 119A.180 - Classification of interest of purchaser.
NRS 119A.200 - Limitation on licensing by local governments.
NRS 119A.205 - Technology Account.
NRS 119A.220 - Sales agents: Association with project broker.
NRS 119A.230 - Sales agents: Disciplinary actions.
NRS 119A.233 - Provisional sales agents: Qualifications; employment with project broker.
NRS 119A.268 - Branch offices.
NRS 119A.270 - Developers: Prohibited acts.
NRS 119A.280 - Developers: Order to cease; hearing; agreement in lieu of order.
NRS 119A.290 - Preliminary permits.
NRS 119A.300 - Requirements for issuance of initial permit.
NRS 119A.310 - Grounds for denial of permit; burden of proof.
NRS 119A.320 - Period for action on application.
NRS 119A.340 - Issuance of permit before completion of project.
NRS 119A.350 - Investigation of applicants; expenses.
NRS 119A.355 - Renewal of permit.
NRS 119A.357 - Requirement to notify Division in writing of certain convictions.
NRS 119A.365 - Disciplinary action for failure to pay money to Division.
NRS 119A.380 - Requirements for time-share instruments.
NRS 119A.385 - Description of time share.
NRS 119A.390 - Reservation to purchase time share.
NRS 119A.410 - Right to cancel contract of sale.
NRS 119A.420 - Deposits to be placed in escrow account; surety bond in lieu of escrow account.
NRS 119A.430 - Requirements for closing of sale of time share.
NRS 119A.460 - Requirements for trusts.
NRS 119A.470 - Conveyance of project to trustee before close of escrow for first sale.
NRS 119A.475 - Action by purchaser or Administrator for misrepresentation or other violation.
NRS 119A.480 - Requirements if developer holds leasehold interest.
NRS 119A.495 - Withdrawal of units from time-share plan; conditions of withdrawal; exceptions.
NRS 119A.497 - Relocation of boundaries between adjoining units.
NRS 119A.500 - Partition of unit.
NRS 119A.510 - Replacement or compensation if unit unavailable.
NRS 119A.520 - Members of association for time-share plan; incorporation of association; proxies.
NRS 119A.522 - Period of developer’s control of association; representation of owners on board.
NRS 119A.524 - Reserved rights of developer.
NRS 119A.528 - Removal of member of board; indemnification and defense of member of board.
NRS 119A.534 - Disclosure statement to be submitted by certain managers; regulations.
NRS 119A.540 - Annual budget; assessments for unsold time shares.
NRS 119A.550 - Assessment upon time share; notice of assessment; liens; enforcement of liens.
NRS 119A.552 - Statement of unpaid assessments.
NRS 119A.560 - Power of sale; notice of sale.
NRS 119A.590 - Information to be furnished to purchasers by developer.
NRS 119A.600 - Information to be furnished by company offering program.
NRS 119A.630 - Administrator to appoint hearing officer.
NRS 119A.640 - Powers of Administrator or hearing officer.
NRS 119A.650 - District court to enforce Administrator’s subpoenas.
NRS 119A.652 - Inspections by Division; penalty for failure to cooperate; regulations.
NRS 119A.654 - Disciplinary action against developer.
NRS 119A.660 - Enforcement of chapter and protection of purchasers by Administrator.
NRS 119A.665 - Appointment of receiver.
NRS 119A.670 - Action by Real Estate Commission against project broker or supervising licensee.
NRS 119A.690 - Falsifying application; failure to submit annual report.
NRS 119A.700 - False or misleading advertising.
NRS 119A.710 - Unfair methods of competition; deceptive or unfair acts.