21 NCAC 58B .0105. NOTICE OF TERMINATION

(a)  A developer of a registered time share project which, for any reason, terminates its interest, rights, ownership or control of the project or any significant part thereof shall immediately notify the Commission in writing on a form prescribed by the Commission for that purpose.  Notice of termination to the Commission shall include the date of termination, the reasons therefor, the identity of the developer's successor, if any, and a report on the status of time share sales to purchasers on the date of termination.

(b)  Upon receipt of a properly executed notice of termination of the developer's interest in a time share project, the Commission shall enter a notation of cancellation of registration in the file of the project, and shall notify the developer of cancellation.  A developer's failure to give notice of termination as provided herein shall not prevent cancellation of the project's registration under G.S. 93A‑52.

 

History Note:        Authority G.S. 93A‑51; 93A‑52(a);

Eff. April 1, 1987.