§ 34-41-2.03. Allocation of time-share expense liability and voting rights. (a) The time-share instrument must state the amount of or formula used to determine any time-share expense liability allocated to each time share.
(b) If the time-share instrument provides for voting, it must allocate votes to each time-share unit and to each time-share estate and may allocate votes to any time-share license. It may not allocate any votes to any other property or to any person who is not a time-share owner. The number of votes allocated to each time share must be equal for all time shares or proportionate to each time share's value as estimated by the developer, time-share expense liability, or unit size. The time-share instrument may specify some matters as to which the votes must be equal and others as to which they must be proportionate.
(c) Except as otherwise provided pursuant to § 34-41-2.02(a)(5), the votes and time-share expense liability allocated to a time share may not be altered without the unanimous consent of all time-share owners entitled to vote and voting at a meeting in which at least eighty percent (80%), or in an initiative or referendum in which at least eighty percent (80%), of the votes allocated to time shares are cast.
(d) Except for minor variations due to rounding, the sum of the time-share expense liabilities assigned to all time shares must equal one if stated as fractions or one hundred percent (100%) if stated as percentages. In the event of discrepancy between the time-share liability or votes allocated to a time share and the result derived from the application of the formulas, the allocated time-share expense liability of vote prevails.
History of Section. (P.L. 1984, ch. 141, § 2.)
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