Nevada § 119A.380 - Requirements for time-share instruments

§ 119A.380. Requirements for time-share instruments

1. Each time-share plan must be created by one or more time-share instruments. 2. A time-share instrument must provide: (a) A legal description and the physical address of the project; (b) The name of the time-share plan; (c) A system for establishing and identifying the time shares in the time-share plan; (d) For assessment of the expenses of the time-share plan and an allocation of those

expenses among the time shares; (e) The voting rights which are assigned to each time share; (f) If applicable, the procedure to add units and other real estate to, and to withdraw

units and other real estate from, the time-share plan, and the method of reallocating

expenses among the time shares after any such addition or withdrawal; (g) The maximum number of time shares that may be created under the time-share plan; (h) For selection of the trustee for insurance which is required to be maintained

by the association or the developer; (i) For maintenance of the units; (j) For management of the time-share plan; (k) A procedure to amend the time-share instrument; and (l) The rights of the purchaser relating to the occupancy of the unit. 3. A time-share instrument may provide for: (a) The developer's reserved rights; (b) Cumulative voting, but only for the purpose of electing the members of the board;

and (c) The establishment of: (1) Separate voting classes based on the size or type of unit to which the votes are

allocated; and (2) A separate voting class for the developer during the period in which the developer

is in control. 4. The provisions of a time-share instrument are severable. 5. The rule against perpetuities and NRS 111.103 to 111.1039 , inclusive, do not apply to defeat any provisions of a time-share instrument. 6. With respect to time-share plans governed by the law of another state or component

sites of a time-share plan located outside of this State, the instrument creating

and governing the time-share plans or such component sites must be in compliance with

the applicable laws of the state or jurisdiction under which the time-share plan is

formed or in which the component sites are located. If the laws of the state or jurisdiction under which the time-share plan is formed

or in which the component sites of such time-share plan are located conflict with

the requirements of this chapter, the laws of the other state or jurisdiction control. If the time-share instrument provides for the matters set forth in subsections 1

and 2, the association and the developer shall be deemed to be in compliance with

the requirements of this section and are not required to revise a time-share instrument

to comply with this chapter.