§ 18-14-304 - Developer control period. - Arkansas Statutes

18-14-304. Developer control period.

(a) The time-share instruments for a time-share estate program may provide for a period of time, hereafter referred to as the "developer control period", during which the developer, or a managing agent selected by the developer, may manage the time-share program and the units in the time-share program.

(b) If the time-share instruments for a time-share estate program provide for the establishment of a developer control period, they shall ordinarily include provisions for the following:

(1) Termination of the developer control period by action of the association;

(2) Termination of contracts for goods and services for the time-share program or for units in the time-share program entered into during the developer control period; and

(3) A regular accounting by the developer to the association as to all matters that significantly affect the interests of owners in the time-share program.