(A) Unless the timeshare declaration provides a lower percentage, the vote or written consent, or both, of sixty percent of all eligible voting interests in a vacation time sharing plan may extend the term of the vacation time sharing plan at any time. If the term of a vacation time sharing plan is extended pursuant to this section, all rights, privileges, duties, and obligations created under applicable law or the timeshare declaration continue in full force to the same extent as if the extended termination date of the vacation time sharing plan were the original termination date of the vacation time sharing plan.
(B) Unless the timeshare declaration specifically provides for a lower quorum, the quorum for a vacation time sharing association meeting to consider extension of the term of the vacation time sharing plan is fifty percent of all eligible voting interests in the vacation time sharing plan.
(C) A vacation time sharing association meeting held to consider extension of the term of the vacation time sharing plan may be held at any time before the termination of the vacation time sharing plan.
(D) The board of directors of the vacation time sharing association may determine that a voting interest that is delinquent in the payment of more than two years of assessments is ineligible to consent to or vote on an extension of the vacation time sharing plan unless the delinquency is paid in full before the consent or vote. A voting interest determined to be ineligible by the board of directors must be subtracted from the total percentage or number of all voting interests required to consent to or vote to approve the extension of the vacation time sharing plan and must not be considered for any purpose, including the percentage or number of voting interests necessary to constitute a quorum.
(E) A proxy for a vote to extend a vacation time sharing plan pursuant to this section is valid for up to three years and is revocable unless the proxy states it is irrevocable.
HISTORY: 2019 Act No. 66 (H.3754), Section 3, eff May 16, 2019.
Structure South Carolina Code of Laws
Title 27 - Property and Conveyances
Chapter 32 - Vacation Time Sharing Plans
Section 27-32-10. Definitions.
Section 27-32-30. Materials to be kept among business records of seller of plans.
Section 27-32-40. Furnishing copy of contract to purchaser; terms thereof.
Section 27-32-50. Request to cancel contract.
Section 27-32-55. Vacation time sharing resale services; written contract; and other requirements.
Section 27-32-60. Refund upon cancellation; escrow account.
Section 27-32-70. Misrepresentation of right to cancel.
Section 27-32-80. Transfer of seller's interest in plan or facilities to third party.
Section 27-32-100. Public offering statements; contents.
Section 27-32-110. Prohibited practices.
Section 27-32-115. Finder's fees; limitations on finder's activities.
Section 27-32-120. Penalties for violation of chapter; effect on contract.
Section 27-32-130. Enforcement and implementation of chapter; regulations.
Section 27-32-160. Grants in aid and contracts with similar agencies to further objectives.
Section 27-32-170. Proceeds from sale or exchange exempt from sales tax.
Section 27-32-190. Registration of plans; powers of the commission.
Section 27-32-200. Vacation Time Sharing Recovery Fund.
Section 27-32-210. Recovery from fund; conditions.
Section 27-32-220. Limitations on payments from fund.
Section 27-32-240. Property taxation of time share units; valuation; assessment; enforcement.
Section 27-32-250. Sales or exchanges of vacation multiple ownership interests.
Section 27-32-300. Short title.
Section 27-32-310. Definitions.
Section 27-32-325. Conditions for exercise of power of sale by trustee.
Section 27-32-330. Notification of obligor; perfection of notice.
Section 27-32-345. Public sale procedures; certificate of sale.
Section 27-32-355. Trustee's deed; release of lien extinguished by sale.
Section 27-32-360. Disposition of proceeds of sale; costs and fees.
Section 27-32-365. Trustee's deed; contents; effect; liability of trustee.
Section 27-32-400. Citation of article.
Section 27-32-410. Timeshare closing; time; representation; notice to purchaser; contents.
Section 27-32-500. Short title.
Section 27-32-505. Purposes of article.
Section 27-32-510. Extension of vacation time sharing plan terms; voting; quorum; proxy.