Section 32-32-3-5 - Requirements of membership agreement A time share project and camping club project must be created by a time share instrument or camping club membership agreement. The membership agreement must include the following provisions:
(1) A legal description of the time share project or camping club project that transfers an interest in real property.(2) The name and location of the time share project or camping club project.(3) A system of identification of the time periods assigned to time shares by letter, name, number, or any combination of letters, names, or numbers.(4) Provisions for assessment of the expenses of the time share project or camping club project and an allocation of those expenses among the time share participants or camping club members.(5) A procedure to add units to the time share project or camping club project.(6) Provisions for maintenance of the time share units or camp sites.(7) Provisions for management of the time share project or camping club project.(8) A procedure to amend the time share instrument or the camping club membership agreement.(9) A description of the rights of the purchaser relating to the occupancy of the time share unit or camping site.Pre-2002 Recodification Citation: 24-5-9-26.
As added by P.L. 2-2002, SEC.17.