AN ACT TO EXEMPT CERTAIN REAL ESTATE TIME-SHARES FROM THE RULE AGAINST PERPETUITIES.
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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