Texas Property Code
§ 221.083 — PERIOD OF DEVELOPER CONTROL
PR § 221.083Title 12. MISCELLANEOUS SHARED REAL PROPERTY INTERESTS · Ch. 221. TEXAS TIMESHARE ACT · Art. I. TIMESHARE OWNERS' ASSOCIATIONS
Statute text
View on source(a)Except as otherwise provided in this section, the project instrument may provide for a period of developer control of an association during which the developer, or a person designated by the developer, may appoint and remove board members and officers of the association.
(b)Regardless of the period of developer control provided in the project instrument, that period expires not later than the earlier of:
(1)the 120th day after the date that at least 95 percent of the timeshare interests that were created by the timeshare instrument are conveyed to owners other than the developer; or
(2)the fifth anniversary of the date the developer ceased to offer timeshare interests for sale in the ordinary course of business under the timeshare plan or under another timeshare plan in which the timeshare interests are included, whichever date is later.
(c)A developer may voluntarily surrender the developer's right to appoint and remove board members and officers of the association during the period of developer control by executing a written instrument stating that the developer's rights are surrendered and providing a copy of the instrument to the owners. The developer may provide in the surrender instrument that, during the remaining period otherwise designated for developer control, specified actions of the association or board as described in the project instrument are effective only on approval of the developer. The surrender instrument must be recorded in the real property records of the county in which the timeshare property is located.
(d)If the project instrument provides for a developer control period of shorter duration than any period prescribed by this section, the project instrument controls.
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Legislative history
Added by Acts 2013, 83rd Leg., R.S., Ch. 1352 (S.B. 1372), Sec. 2, eff. September 1, 2013.