30 Miss. Code. R. 1601-8.12 - Management
A. Before the first sale of a timeshare
period, the developer shall create or provide for a managing entity, which may
be the developer, a separate management firm, or an owner's association, or
some combination thereof.
B. The
management entity shall act in the capacity of fiduciary to the purchasers of
the timeshare plans.
C. The duties
of the management entity shall include, but are not limited to:
(1) Management and maintenance of all
accommodations constituting the timeshare plan.
(2) Preparing an itemized annual operating
and reserve budget.
(3) The
assessment and collection of funds for common expenses.
(4) The assessment and collection of property
taxes and casualty insurance and liability insurance against the owners, for
which managing entity shall he primarily liable.
(5) Maintenance of all books and records
concerning the timeshare plan, and making all of them reasonably available for
inspection by any purchaser, or the authorized agent of such
purchaser.
(6) Arranging for an
annual independent audit to be conducted of all the books and financial records
of the timeshare plan by a certified public accountant. A copy of the audit
shall be forwarded to the officers of the owner's association; or, if no
association exists, the owner of each timeshare period shall be notified in
writing that such audit is available upon request.
(7) Scheduling occupancy of the timeshare
units so that all purchasers will be provided the use and possession of the
accommodations for which they have contracted.
(8) Notifying purchasers of common
assessments and the identity of the managing entity.
(9) Performing any other functions and duties
that are necessary and proper to maintain the accommodations and operate the
owners association as provided in the contract or the timeshare
instruments.
(10) Maintaining
appropriate insurance as required by Rule 8.9 of these rules.
D. The managing entity shall not
be required to provide a reserve budget for any timeshare plan or accommodation
for which a timeshare instrument has been approved prior to adoption of these
rules.
Notes
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