A. In a time-share estate program, if the annual report indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist, the Board shall issue an order terminating the registration of the time-share project.
B. The Board shall issue an order terminating the registration of a time-share project upon application by the developer in which the developer states that no further development right of the project is anticipated and that the developer has ceased sales of time-shares at the project.
C. Notwithstanding any other provisions of this chapter, the Board may administratively terminate the registration of a time-share project if:
1. The developer has not filed an annual report in accordance with § 55.1-2242 for three or more consecutive years; or
2. The developer's registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.
2012, cc. 481, 797, § 55-394.2; 2019, c. 712.
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