(a)  If the number of time shares in a time-share property is more than twelve (12), the developer, before the first transfer of a time-share, must create or provide a managing entity to manage the time-share property. The managing entity may be (i) a manager, who may be the developer, or, (ii) an association, which must be a profit or non-profit corporation or an unincorporated association, the membership of which must at all times consist exclusively of all the time-share owners. If the time-share property is part of a project containing time-share units and other units, the manager may be the entity that governs the project. If the number of time shares in the time-share property is twelve (12) or fewer and there is no managing entity, the time-share owners may form an association meeting the requirements specified above.

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(b)  In the absence of a managing entity required by this section, a court upon application of a party in interest, including a time-share owner or a lienholder, may appoint and prescribe the powers of a managing entity.