Virginia Code 55.1-2243: Termination of registration.
A. In a time-share estate program, if the annual report indicates that the developer has transferred title to the time-share owners’ association and that no further development rights exist, the Board shall issue an order terminating the registration of the time-share program.
Terms Used In Virginia Code 55.1-2243
- Association: means the association organized under the provisions of § Virginia Code 55.1-2200
- Board: means the Common Interest Community Board. See Virginia Code 55.1-2200
- 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.
- Developer: means any person or group of persons acting in concert that (i) offers to dispose of a time-share or its interest in a time-share unit for which there has not been a previous disposition or (ii) applies for registration of the time-share program. See Virginia Code 55.1-2200
- Development right: means any right reserved by the developer to create additional units that may be dedicated to the time-share program. See Virginia Code 55.1-2200
- program: means any arrangement of time-shares in one or more time-share projects by which the use, occupancy, or possession of real property has been made subject to either a time-share estate or time-share use in which such use, occupancy, or possession circulates among owners of the time-shares according to a fixed or floating time schedule on a periodic basis occurring over any period of time in excess of five years. See Virginia Code 55.1-2200
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Time-share: means either a time-share estate or a time-share use plus its incidental benefits. See Virginia Code 55.1-2200
B. The Board shall issue an order terminating the registration of a time-share program upon application by the developer in which the developer states that no further development right is anticipated and that the developer has ceased sales of time-shares in the time-share program.
C. Notwithstanding any other provisions of this chapter, the Board may administratively terminate the registration of a time-share program if:
1. The developer has not filed an annual report in accordance with § 55.1-2242 for three or more consecutive years; or
2. The developer’s registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.
2012, cc. 481, 797, § 55-394.2; 2019, c. 712; 2020, c. 1011.