A time share project and camping club project must be created by a time share instrument or camping club membership agreement. The membership agreement must include the following provisions:
- (1) A legal description of the time share project or camping club project that transfers an interest in real property.
- (2) The name and location of the time share project or camping club project.
- (3) A system of identification of the time periods assigned to time shares by letter, name, number, or any combination of letters, names, or numbers.
- (4) Provisions for assessment of the expenses of the time share project or camping club project and an allocation of those expenses among the time share participants or camping club members.
- (5) A procedure to add units to the time share project or camping club project.
- (6) Provisions for maintenance of the time share units or camp sites.
- (7) Provisions for management of the time share project or camping club project.
- (8) A procedure to amend the time share instrument or the camping club membership agreement.
(9) A description of the rights of the purchaser relating to the occupancy of the time share unit or camping site.
[Pre-2002 Recodification Citation: 24-5-9-26.]
As added by P.L.2-2002, SEC.17.