(1) Establishment of an association of time-share estate owners;

(2) Adoption of bylaws for organizing and operating the association;

(3) Payment of costs and expenses of operating the time-share plan or time-share property and owning and maintaining the accommodations;

(4) Employment and termination of employment of the managing agent for the association;

(5) Preparation and dissemination to owners of information concerning the time-share plan or property, including:

(A) An annual budget;

(B) Operating statements; and

(C) Other financial information;

(6) Procedures for establishing the rights of owners for the use of accommodations by prearrangement or under a first-reserved, first-served system;

(7) Adoption of standards and rules of conduct for the use and occupancy of accommodations by owners;

(8) Collection of assessments from owners to defray the expenses of management of the time-share plan or time-share property and maintenance of the accommodation and amenities of the time-share plan or time-share property;

(9) Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of the accommodations by owners, their guests, and other users;

(10) Methods for providing compensating use periods or monetary compensation to an owner if an accommodation cannot be made available for the period to which the owner is entitled by schedule or by confirmed reservation; and

(11)

(A) Procedures for imposing a monetary penalty or suspension of an owner's rights and privileges in the time-share plan for failure of the owner to comply with the time-share instruments or the rules of the association concerning the use of the accommodations and amenities.

(B) Under these procedures an owner shall be given notice and the opportunity to refute or explain the charges against him or her in person or in writing to the governing body of the association before a decision to impose discipline is rendered.

(C) A monetary penalty may be secured by the lien in § 18-14-302.