A timeshare instrument that provides for the developer or an agent selected by the developer to manage the timeshare property until an owners’ association, a trust or the owners assume the role of managing entity shall include provisions for:

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(1) Termination of developer management or developer selected management by the association, trust or owners;

(2) Termination of contracts for goods and services for the timeshare property entered into during the period the developer served as the managing entity;

(3) A regular accounting at least annually by the developer to the association, trust or owners as to all matters affecting the timeshare property; and

(4) Immediate termination of the developer as managing entity by the association, trust or owners and assumption of management functions by an association or trust in the case of abandonment or substantial breakdown of management services for the timeshare plan. [1983 c.530 § 10]

[Repealed by 1971 c.478 § 1]