§ 34-41-3.09. Surplus funds.
Unless otherwise provided in the time-share instrument, any surplus funds derived from the time-share owners or from property belonging to them or their association and held by a managing entity remaining after payment of or provision for time-share expenses and any pre-payment of reserves must be paid to the time-share owners in proportion to their time-share expense liabilities or credited to them to reduce their future time-share expense assessments.
History of Section.P.L. 1984, ch. 141, § 2.
Structure Rhode Island General Laws
Chapter 34-41 - Rhode Island Real Estate Time-Share Act
Article III - Management of the Time-Share Property
Section 34-41-3.01. - Managing entity.
Section 34-41-3.02. - Powers of managing entity.
Section 34-41-3.03. - Powers and duties in absence of managing entity.
Section 34-41-3.04. - Transfer of special developer rights.
Section 34-41-3.05. - Termination of contracts and leases of developer.
Section 34-41-3.06. - Upkeep of units.
Section 34-41-3.07. - Tort and contract liability.
Section 34-41-3.08. - Insurance.
Section 34-41-3.09. - Surplus funds.
Section 34-41-3.10. - Assessments for time-share expenses.
Section 34-41-3.11. - Lien for assessments.
Section 34-41-3.12. - Financial records.
Section 34-41-3.13. - Authority of trustee.
Section 34-41-3.14. - Initiative, referendum, and recall — General provisions.
Section 34-41-3.15. - Direct initiative by owners.