                                 CODE OF VIRGINIA

APPLICATION FOR REGISTRATION (§ 55.1-2239)

A. The application for registration shall be filed in a form prescribed by the
Board&#8217;s regulations and shall include the following:

   1. An irrevocable appointment to the Board to receive service of process in
   any proceeding arising under this chapter against the developer or the
   developer&#8217;s agent if nonresidents of the Commonwealth;

   2. The states or jurisdictions in which an application for registration or
   similar document has been filed and any adverse order or judgment entered in
   connection with the time-share program by the regulatory authorities in each
   jurisdiction or by any court;

   3. The applicant&#8217;s name, address, and the organizational form, including
   the date and jurisdiction under which the applicant was organized, and the
   address of its principal office and each of its sales offices in the
   Commonwealth;

   4. The name, address, and principal occupation for the past five years of
   every officer of the applicant or person occupying a similar status or
   performing similar functions and the extent and nature of his interest in the
   applicant or the time-share program as of a specified date within 30 days of
   the filing of the application;

   5. A statement, in a form acceptable to the Board, of the condition of the
   title to each time-share project included in the time-share program, including
   encumbrances as of a specified date within 30 days of the date of application,
   by a title opinion of a licensed attorney not a salaried employee, officer, or
   director of the applicant or owner, or by other evidence of a title acceptable
   to the Board;

   6. A copy of the instruments that will be delivered to a purchaser and copies
   of the contracts and other agreements that a purchaser will be required to
   agree or to sign;

   7. A copy of any management agreements, employment contracts, or other
   contracts or agreements affecting the use, maintenance, or access of all or
   any part of the time-share program;

   8. A statement of the zoning and other governmental regulations affecting the
   use of a time-share project in a time-share program, including the site plans
   and building permits and their status and any existing tax and existing or
   proposed special taxes or assessments that affect the time-share;

   9. A narrative description of the promotional plan for the disposition of the
   time-shares;

   10. The proposed public offering statement and its exhibits;

   11. Any bonds required to be posted pursuant to the provisions of this
   chapter;

   12. The time-share estate owners&#8217; association annual report or budget
   required by &#xA7; 55.1-2213 to the extent available;

   13. A description of the time-share program being submitted for registration;
   and

   14. Any other information that the Board believes necessary to assure full and
   fair disclosure.

B. The developer shall immediately report to the Board any material changes in
the information contained in an application for registration.

C. Nothing shall prevent a developer from including in the registration a
time-share project where construction is yet to begin or, if construction has
begun, where construction is not yet complete.

HISTORY: Code 1950, § 55-391; 1981, c. 462; 1985, c. 517, § 55-391.1; 1994, c.
580; 1998, c. 460; 2011, c. 605; 2019, c. 712; 2020, c. 1011.