(a) Except as provided in subsection (b), more than twelve time-shares may be created in a single time-share property only by a time-share instrument recorded in the registry of deeds or land registration office for the district in which the time-share unit is situated. Said instrument shall contain or provide for the following:

1. (1) a legally sufficient description of the time-share property and the name or other identification of the project, if any, within which it is situated;
2. (2) the name of the registry district or land registration office in which the time-share property is situated;
3. (3) identification of time periods by letter, name, number, or combination thereof;
4. (4) the time-share expense liability and any voting rights assigned to each time-share;
5. (5) if additional units may become part of the time-share property, the method of doing so and the formula for allocation and reallocation of the time-share expense liabilities and any votes;
6. (6) the method of designating the insurance trustee required under section twenty-six;
7. (7) allocation of time for maintenance of the time-share units;
8. (8) provisions for management by a managing entity or by the time-share owners;
9. (9) if all of the time-shares are time-share licenses, the rights of a licensee, if his license is terminated, with respect to any of the property his license affects, or a statement that he has no rights; and
10. (10) any requirements for amendments to the time-share instrument.