AN ACT TO EXEMPT CERTAIN REAL ESTATE TIME-SHARES FROM THE RULE AGAINST PERPETUITIES. Enacted August 5, 2014. Effective August 5, 2014.
Summary date: Aug 6 2014 - More information
Summary date: Jul 1 2014 - More information
Senate amendment makes the following changes to the 2nd edition:
Deletes language that provided that the act only applied to time-share projects located entirely within Currituck and Dare Counties. The act now applies statewide. Makes conforming changes.
Summary date: Jun 26 2014 - More information
Senate committee substitute makes the following changes to the 1st edition:
Amends proposed GS 93A-42.1 to clarify that a board of directors of a time-share project has the ability to amend, by a two-thirds vote, unless otherwise provided in the declaration (previously, as otherwise provided was not included) any provision in a declaration that (1) was adopted as part of the original time share declaration, recorded prior to July 1, 1984 (previously, only required the provision to be part of the original, recorded time-share declaration) and (2) the provision either converts or provides a mechanism for conversion of time-share units to tenancy in common.
Deletes a provision which provided, in situations of conflict between provisions of the declaration and the bylaws, that the declaration prevails except to the extent the declaration is inconsistent with this section
Summary date: May 28 2014 - More information
Identical to H 1253, filed on May 28, 2014.
Amends Article 4 of GS Chapter 93A, enacting new GS 93A-42.1, Construction and validity of declarations adopted prior to the Time-Share Act.
Makes all provisions in time-share declarations that were adopted and recorded at the appropriate register of Deeds office before July 1, 1984, severable. Prohibits applying the rule against perpetuities to defeat any time-share declarations or bylaws adopted and recorded at the appropriate Register of Deeds office before July 1, 1984. Provides additional specifications regarding the construction and validity of the provisions contained in time-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.