NRS 119A.380
Requirements for time-share instruments.
1.
Each time-share plan must be created by one or more time-share instruments.2.
A time-share instrument must provide:(a)
A legal description and the physical address of the project;(b)
The name of the time-share plan;(c)
A system for establishing and identifying the time shares in the time-share plan;(d)
For assessment of the expenses of the time-share plan and an allocation of those expenses among the time shares;(e)
The voting rights which are assigned to each time share;(f)
If applicable, the procedure to add units and other real estate to, and to withdraw units and other real estate from, the time-share plan, and the method of reallocating expenses among the time shares after any such addition or withdrawal;(g)
The maximum number of time shares that may be created under the time-share plan;(h)
For selection of the trustee for insurance which is required to be maintained by the association or the developer;(i)
For maintenance of the units;(j)
For management of the time-share plan;(k)
A procedure to amend the time-share instrument; and(l)
The rights of the purchaser relating to the occupancy of the unit.3.
A time-share instrument may provide for:(a)
The developer’s reserved rights;(b)
Cumulative voting, but only for the purpose of electing the members of the board; and(c)
The establishment of:(1)
Separate voting classes based on the size or type of unit to which the votes are allocated; and(2)
A separate voting class for the developer during the period in which the developer is in control.4.
The provisions of a time-share instrument are severable.5.
The rule against perpetuities and NRS 111.103 to 111.1039, inclusive, do not apply to defeat any provisions of a time-share instrument.6.
With respect to time-share plans governed by the law of another state or component sites of a time-share plan located outside of this State, the instrument creating and governing the time-share plans or such component sites must be in compliance with the applicable laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites are located. If the laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites of such time-share plan are located conflict with the requirements of this chapter, the laws of the other state or jurisdiction control. If the time-share instrument provides for the matters set forth in subsections 1 and 2, the association and the developer shall be deemed to be in compliance with the requirements of this section and are not required to revise a time-share instrument to comply with this chapter.
Source:
Section 119A.380 — Requirements for time-share instruments., https://www.leg.state.nv.us/NRS/NRS-119A.html#NRS119ASec380.