Texas Property Code

§ 221.074 — ANNUAL TIMESHARE FEE AND EXPENSE STATEMENT

PR § 221.074Title 12. MISCELLANEOUS SHARED REAL PROPERTY INTERESTS · Ch. 221. TEXAS TIMESHARE ACT · Art. H. MISCELLANEOUS PROVISIONS

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(a)Notwithstanding any contrary provision of the required timeshare disclosure statement, project instrument, timeshare instrument, or bylaws adopted pursuant to a timeshare instrument, the managing entity shall make a written annual accounting of the operation of the timeshare properties managed by the managing entity to each purchaser who requests an accounting not later than five months after the last day of each fiscal year. The statement shall fairly and accurately represent the collection and expenditure of assessments and include:

(1)a balance sheet;

(2)an income and expense statement;

(3)the current budget for the timeshare property, timeshare properties managed by the same managing entity, or multisite timeshare plan required by Section 221.032(b)(12); and

(4)the name, address, and telephone number of a designated representative of the managing entity.

(b)On the request of an owner, the managing entity of the timeshare plan shall provide the owner with the name and address of each member of the board of directors of the owners' association, if one exists.

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Legislative history

Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 14, eff. January 15, 2006.