Bill Summaries: H 1253 EXEMPT TIME-SHARES/RULE AGAINST PERPETUITIES.

Tracking:
  • Summary date: Jun 25 2014 - View Summary

    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 - View Summary

    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.


© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view