Arkansas Code Title 18. Property § 18-14-303. Provisions for management and operation of time-share estate plans

(1) Establishment of an association of time-share estate owners;

(2) Adoption of bylaws for organizing and operating the association;

(3) Payment of costs and expenses of operating the time-share plan or time-share property and owning and maintaining the accommodations;

(4) Employment and termination of employment of the managing agent for the association;

(5) Preparation and dissemination to owners of information concerning the time-share plan or property, including:

(6) Procedures for establishing the rights of owners for the use of accommodations by prearrangement or under a first-reserved, first-served system;

(7) Adoption of standards and rules of conduct for the use and occupancy of accommodations by owners;

(8) Collection of assessments from owners to defray the expenses of management of the time-share plan or time-share property and maintenance of the accommodation and amenities of the time-share plan or time-share property;

(9) Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of the accommodations by owners, their guests, and other users;

(10) Methods for providing compensating use periods or monetary compensation to an owner if an accommodation cannot be made available for the period to which the owner is entitled by schedule or by confirmed reservation; and