Oregon Statutes 94.858 – Owners association; powers and duties
(1) The timeshare instrument may provide that an association of timeshare owners be organized to serve as a means through which the timeshare owners may take action with regard to the administration, management and operation of the timeshare plan and the timeshare property. The association shall be organized as a corporation for profit or nonprofit corporation. The name of the association shall include the complete name of the timeshare plan.
Terms Used In Oregon Statutes 94.858
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Membership in the association shall be limited to timeshare owners.
(3) The affairs of the association shall be governed by a board of directors or other governing body as provided for in the bylaws adopted under the applicable incorporation requirements.
(4) Subject to the provisions of the timeshare instrument and bylaws, the association may:
(a) Assume the role of managing entity;
(b) Adopt and amend bylaws, rules and regulations;
(c) Adopt and amend budgets for revenues, expenditures and reserves and levy and collect assessments for common expenses from timeshare owners;
(d) Hire and terminate a managing agent, other employees, agents and independent contractors;
(e) Institute, defend or intervene in litigation or an administrative proceeding in the association’s own name on behalf of the association or on behalf of two or more timeshare owners on any matter affecting the timeshare property;
(f) Make contracts and incur liabilities;
(g) Regulate the use, maintenance, repair, replacement and modification of timeshare property;
(h) Acquire by purchase, lease, devise, gift or voluntary grant real property or any interest therein and take, hold, possess and convey real property or any interest therein;
(i) Impose a charge for the late payment of an assessment and, after giving notice and an opportunity to be heard, levy a reasonable fine for violation of the timeshare instrument, bylaws and rules and regulations of the association;
(j) Provide for the indemnification of the association’s officers and governing board and maintain adequate liability insurance for the association’s officers and governing board;
(k) Exercise any other power conferred by a timeshare instrument or bylaws; and
(L) Exercise any other power determined by the association to be necessary and proper for the governance and operation of the association.
(5) If an association of timeshare owners is formed under this section, the public report issued for the timeshare plan under ORS § 94.828 (1), (2) and (4) shall include a disclosure of the powers of the association and the manner in which the association will be governed. [1983 c.530 § 13; 2007 c.410 § 21]