Bill Summary for S 877 (2013-2014)

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Summary date: 

Jun 26 2014

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 877 (Public) Filed Wednesday, May 28, 2014
AN ACT TO EXEMPT CERTAIN REAL ESTATE TIME-SHARES FROM THE RULE AGAINST PERPETUITIES.
Intro. by Cook.

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Bill summary

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