EXEMPT TIME-SHARES/RULE AGAINST PERPETUITIES.

View NCGA Bill Details2013-2014 Session
House Bill 1253 (Local) Filed Wednesday, May 28, 2014
AN ACT TO EXEMPT CERTAIN REAL ESTATE TIME-SHARES FROM THE RULE AGAINST PERPETUITIES.
Intro. by Tine, Steinburg.

Status: Ref To Com On Commerce (Senate Action) (Jun 30 2014)

SOG comments (1):

Identical Bill

Identical to S 877, filed on May 28, 2014.

H 1253

Bill Summaries:

  • Summary date: Jun 25 2014 - More information

    House committee substitute makes the following changes to the 1st edition.

    Provides that except as otherwise provided in the time-share declaration, the Board of Directors of a time-share project may amend a provision in the time-share declaration with an affirmative vote of two-thirds of the Board if the provision to be changed was adopted as a part of the original time-share declaration that was recorded before July 1, 1984. Deletes all provisions of subsection (d) which provide that when there is a conflict between the provisions of the declaration and the bylaws, the declaration is to prevail except to the extent that the the declaration is inconsistent with this section. Makes organizational changes to re-letter the provisions in Section 1 of this act.


  • Summary date: May 28 2014 - More information

    AmendsArticle 4 of GS Chapter 93A, enactingnew GS 93A-42.1,Construction and validity of declarations adopted prior to the Time-Share Act.

    Makesallprovisions in time-share declarations that were adopted and recorded at the appropriateregister of deeds office before July 1, 1984, severable. Prohibits applying the rule againstperpetuities todefeat any time-sharedeclarationsor bylawsadopted and recordedatthe appropriate register of deeds office before July 1, 1984. Providesadditionalspecifications regarding the construction and validity of the provisions contained intime-share declarations adopted and recorded prior to the Time-Share Act.

    Declares that this act only applies to time-share projects located entirely within the counties of Currituck and Dare.


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