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Virginia Code Title 55.1. Property and Conveyances § 55.1-2243. Termination of registration

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Virginia Code Title 55.1. Property and Conveyances § 55.1-2243. Termination of registration - last updated January 01, 2025 | https://codes.findlaw.com/va/title-55-1-property-and-conveyances/va-code-sect-55-1-2243/

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