REAL AND PERSONAL PROPERTY AND DOMESTIC RELATIONS
TITLE TO REAL PROPERTY
REAL ESTATE TIME-SHARES
Instruments; allocation of votes and expense liabilities; alteration
Section 13. (a) The time-share instrument shall state the amount of or formula used to determine any time-share expense liability allocated to each time-share.
(b) If the time-share instrument provides for voting, it shall allocate votes to each time-share unit and to each time-share estate and may allocate votes to any time-share license. It shall not allocate any votes to any other property or to any person who is not a time-share owner. The number of votes allocated to each time-share shall be equal for all time-shares or proportionate to each time-share’s value as estimated by the developer, time-share expense liability, or unit size. The time-share instrument may specify some matters as to which the votes shall be equal and others as to which they shall be proportionate.
(c) Except as otherwise provided pursuant to clause (5) of subsection (a) of section twelve, the votes and time-share expense liabilities allocated to a time-share shall not be altered without the unanimous consent of all time-share owners entitled to vote and voting at a meeting in which at least eighty per cent of the votes allocated to time-shares are cast or in an initiative or referendum in which at least eighty per cent of said votes are cast.
(d) Except for minor variations due to rounding, the sum of the time-share expense liabilities assigned to all time-shares shall equal one if stated as fractions or one hundred per cent if stated as percentages. In the event of discrepancy between the time-share liabilities or votes allocated to a time-share and the result derived from the application of the formulas, the allocated time-share expense liability or vote prevails.