Section 450. Termination of time-share project registration

A. The time-share project registration shall be terminated upon receipt of documentation of one of the following:

1. In accordance with subsection A of § 55-394.2 of the Code of Virginia, an annual report for a time-share estate program filed pursuant to § 55-394.1 of the Code of Virginia indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist.

2. In accordance with subsection B of § 55-394.2 of the Code of Virginia, written notification is received from the developer attesting that no further development of the project is anticipated and that the developer has ceased sales of time-shares at the project.

B. Upon receipt and review of documentation pursuant to subsection A of this section, the board shall issue an order of termination for the time-share registration. The board may request additional information as necessary during the review of the submitted documentation to ensure that the time-share registration is eligible for termination.

Historical Notes

Derived from Volume 32, Issue 10, eff. March 1, 2016.

Statutory Authority

§§ 54.1-2349 and 55-396 of the Code of Virginia.