§ 55.1-2243 Termination of registration
A. In a time-share estate program, if the annual report indicates that the developer has transferred title to the time-share owners’ association and that no further development rights exist, the Board shall issue an order terminating the registration of the time-share program.
B. The Board shall issue an order terminating the registration of a time-share program upon application by the developer in which the developer states that no further development right is anticipated and that the developer has ceased sales of time-shares in the time-share program.
C. Notwithstanding any other provisions of this chapter, the Board may administratively terminate the registration of a time-share program if:
1. The developer has not filed an annual report in accordance with § 55.1-2242 for three or more consecutive years; or
2. The developer’s registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.
History
This law was first created in 2012. The record of its establishment is cataloged in chapters 481 and 797 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2019, chapter 712; in 2020, chapter 1011.
2012, cc. 481, 797, § 55-394.2; 2019, c. 712; 2020, c. 1011.