1. Except as otherwise provided in this section, a time-share instrument may provide for a period of the developer’s control of an association during which the developer, or a person designated by the developer, may appoint and remove the officers of the association and the members of the board. Regardless of the period provided in the time-share instrument, the period of the developer’s control of the association terminates no later than:
(a) One hundred and twenty days after conveyance of 80 percent of the time shares that may be created by the time-share instrument to owners other than the developer;
(b) Five years after the developer has ceased to offer time shares for sale in the ordinary course of business; or
(c) Five years after any right to add new time shares was last exercised,
whichever occurs earlier.
2. A developer may voluntarily surrender the right to appoint and remove officers and members of the board before the end of the period provided for in subsection 1 by executing and recording with the time-share instrument a written instrument declaring the surrender. If such an instrument is recorded, the developer may require that, for the duration of the period of the developer’s control, specified actions of the association or board, as described in the recorded instrument, be approved by the developer before they become effective.
3. Not later than 60 days after conveyance of 25 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, at least one member and not less than 25 percent of the members of the board must be elected by owners other than the developer. Not later than 60 days after conveyance of 50 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, not less than 33 1/3 percent of the members of the board must be elected by owners other than the developer.
(Added to NRS by 2001, 2496)
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