                                 CODE OF VIRGINIA

TERMINATION OF REGISTRATION (§ 55.1-2243)

A. In a time-share estate program, if the annual report indicates that the
developer has transferred title to the time-share owners&#8217; 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 &#xA7;
   55.1-2242 for three or more consecutive years; or

   2. The developer&#8217;s registration with the State Corporation Commission,
   if applicable, has not been active for five or more consecutive years.

HISTORY: 2012, cc. 481, 797, § 55-394.2; 2019, c. 712; 2020, c. 1011.