P.R. Laws tit. 31, § 1264
(1) The public deed dedicating the property to the timeshare or vacation club regime shall state the name of the regime and the following particulars:
(a) Description of the land and general description of the structures located thereon, with their respective areas and construction materials.
(b) Description and number of each accommodation, stating its measures, location, rooms, main entrance door and immediate place with which it communicates, and any other data necessary for its identification.
(c) Description of the facilities of the property.
(d) Clear indication of the purpose to which the property and each one of the accommodations is or will be devoted.
(e) Area of all the accommodations in the property and area of each accommodation.
(f) Description of each timeshare or vacation club right stating the accommodation, if any, to which the same is related (or allocated) and the applicable use periods thereof, duly identified by accommodation number followed by the applicable period.
(g) The corresponding share that each accommodation and each timeshare or vacation club right shall have in the facilities and the common expenses, established as set forth in this chapter.
(h) Everything important relating to the administration of the property and the regime including, without limitation, a description of the entity that will be managing the regime as well as the duties, responsibilities and obligations of the same.
(i) Any further data related to the property or the regime which may be of interest, as well as a description of any rights that the developer may reserve to itself, specifically stating the nature of such rights, the method of exercising the same and how the exercise of such rights will affect the rights and obligations of the owners.
(j) Provisions related to the organization of the owners’ association, if any.
(k) The allocation of voting rights attributable to each accommodation and each timeshare or vacation club right.
(l) The method by which assessments shall be assessed to and collected from the owners, and if any distinction with respect to the amount of such assessments and the method of collection thereof is to be established among the owners, a description of the basis for such distinction, and of the method of implementation of the same.
(m) The term of the timeshare or vacation club regime.
(n) The events, including but not limited to, condemnation and damage or destruction upon and the procedures by which the timeshare or vacation club regime may or shall be terminated prior to the expiration of its full term and the consequences of such termination including, but not limited to, the manner in which the timeshare or vacation club property or the proceeds from the disposition thereof shall be applied, held or distributed among the owners, and the designation of any specific entity to represent the owners in the settlement and adjustment of such claims.
(o) The procedures to be followed with respect to the amendments, modifications or supplements to the deed dedicating the property to the timeshare or vacation club regime.
(p) The terms of any right of first refusal that the developer may wish to establish with respect to the sale of any timeshares or vacation club rights and of the right of redemption against the acquirer of any of such timeshares or vacation club rights, upon the failure by the seller thereof to comply with the terms of the aforesaid right of first refusal which rights the developer may reserve unto itself.
(2) If the regime is an expandable or contractible regime, or if it is to contain a reservation of the use dedication, the deed of dedication shall also contain the following:
(a) The explicit reservation, on the part of the developer, of the option(s) to expand and/or contract the regime.
(b) A statement of any limitations on such option(s), including, without limitation, a statement as to:
(i) Whether there is any time limit within which such option must be exercised, and
(ii) the consent required of the owners, if any, or an express declaration that their additional consent is not required.
(c) A description of the basis on which property may be added to or subtracted from the regime, including without limitation:
(i) The respective minimum or maximum ratio at which facilities would be added or subtracted from the regime;
(ii) the basis on which the shares of the accommodations, timeshares and vacation club rights would be adjusted, and
(iii) the required consent of the owners, which in no case shall be less than sixty-six and two-thirds percent (66 2 / 3 %) of the voting power of all owners.
(d) If the regime includes a reservation of the use dedication:
(i) The basis for the exercise of the option to subsequently establish the ultimate use of such accommodations,
(ii) any limitations on the exercise of such option, including, without limitation, a statement as to whether or not there is any time limit within which such option must be exercised, and
(iii) the consent of the owners required, if any, or an express declaration that their additional consent is not required, all of which information shall also be included in the public offering statement referred to in §§ 1255—1255d of this title.
If the developer decides to reserve the use dedication as provided in the preceding paragraph, the developer shall determine, at the time of the execution of the deed of dedication, the use (residential or commercial) of the accommodations comprising at least sixty-six and two-thirds (66 2 / 3 %) of the total area of all the accommodations located in the property subject to the deed of dedication and no more than thirty-three and one-thirds (33 1 / 3 %) of the total area of such accommodations can be subject to the reservation of the use dedication.
(3) If the regime may be merged in the future with another regime, an express reservation of such right shall also be included in the deed of dedication and the provisions of subsection (2) of this section with respect to required consent and and § 1268d of this title shall be complied with.
History —Dec. 26, 1995, No. 252, § 12-113; July 5, 1996, No. 66, § 34; Jan. 5, 1999, No. 3, § 35.