§ 11266. — 11266. (Added by Stats. 2004, Ch. 697, Sec. 14.)

California § 11266.

• Jurisdiction: California
• Code BPC: Business and Professions Code - BPC
• Div. 4.: DIVISION 4. REAL ESTATE
• Part 2.: PART 2. REGULATION OF TRANSACTIONS
• Ch. 2.: CHAPTER 2. The Vacation Ownership and Time-Share Act of 2004
• Art. 4.: ARTICLE 4. Management and Governance

Text

(a)
An amendment of a provision of the declaration or other document establishing the time-share plan may not be adopted without the vote or written assent of at least 25 percent of the voting power of the association residing in members other than the developer.
(b)
An amendment of the articles of incorporation or association may not be enacted without the vote or written assent of at least 25 percent of the governing body and 25 percent of the voting power of the association residing in members other than the developer.
(c)
An amendment of the bylaws of the association may not be enacted without the vote or written assent of at least 10 percent of the voting power of the association residing in members other than the developer.
(d)
An amendment to the rules and regulations of the association may not be enacted without the vote or written assent of at least a majority of the governing body of the association.
(e)
The percentage of the voting power necessary to amend a specific clause or provision in the time-share instrument, articles, or bylaws shall not be less than the prescribed percentage of affirmative votes or written assents required for action to be taken under that clause.
(f)
In addition to the restrictions upon the enactment of amendments of the governing instruments set forth in this section, the governing instruments may include provisions consistent with subdivision (c) of Section 11269 whereby the vote of the developer must be given effect in the amendatory process.
(g)
For a single site time-share plan or a component site of a specific time-share interest time-share plan or a nonspecific time-share interest multisite time-share plan located outside this state, that is being offered in this state, the public report shall include the following disclosure in conspicuous 14-point type:
THE DECLARATION OR OTHER DOCUMENT ESTABLISHING THIS TIME-SHARE PLAN MAY BE AMENDED BY A VOTE OF ____% OF THE MEMBERS OF THE ASSOCIATION. THE BYLAWS OF THE ASSOCIATION MAY BE AMENDED BY A VOTE OF ____% OF THE MEMBERS.

Legislative History

Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.