(a) No registration with the agency shall be required if the developer is registered and there has been issued a public offering statement of similar disclosure document which is provided to purchasers under the following:
(1) Securities and Exchange Act of 1933;

(2) Federal Interstate Land Sales Full Disclosure Act in which the time-share program is made a part of the subdivision that is being registered; or

(3) any other Federal or territorial act which requires a Federal or territorial agency to review a public offering statement or similar disclosure document which is required to be distributed to purchasers.
(b) No registration with the agency shall be required in the case of: (1) Any transfer of a time-share interval by any time-share
interval owner other than the developer or his agency;

(2) any disposition pursuant to court order;

(3) a disposition by a government or governmental agency; (4) a disposition by foreclosure or deed in lieu of foreclosure;
(5) a disposition of a time-share interval in a time-share project
situated wholly outside this Territory provided that all solicitations, negotiations and contracts took place wholly outside this Territory and the contract was executed wholly outside this Territory;

(6) a gratuitous transfer of a time-share interval; and

(7) group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.
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ARTICLE 5
FINANCING