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the Georgia Code
2006 Georgia Code - 44-3-167
44-3-167. The time-share instruments for a time-share
estate program shall prescribe reasonable arrangements for
management and operation of the time-share program and for the
maintenance, repair, and furnishing of units, which shall include
the following: (1) Creation
of an association organization of time-share estate owners;
(2) Adoption of bylaws for
organizing and operating the association organization;
(3) Payment of costs and expenses of
operating the time-share program and of owning and maintaining the
units; (4) Employment and
termination of employment of the managing agent for the association
organization; (5) Preparation
and dissemination to owners of an annual budget and of operating
statements and other financial information including, but not
limited to, the current status of payments under any security deed,
contracts for improvements, or other encumbrances concerning the
time-share program; (6)
Adoption of standards and rules of conduct for the use and
occupancy of units by owners; (7) Collection of assessments from owners to
defray the expenses of management of the time-share program and
maintenance of the units; (8)
Comprehensive general liability insurance for death, bodily injury,
and property damage arising out of or in connection with the use of
units by owners, their guests, and others and extended coverage
casualty insurance; (9)
Methods for providing compensating use periods or monetary
compensation to an owner if a unit cannot be made available for the
period to which the owner is entitled by schedule or by confirmed
reservation; (10) Procedures
for imposing a monetary penalty or suspension of an owner´s
rights and privileges in the time-share program for failure of the
owner to comply with provisions of the time-share instruments or
the rules of the association organization with respect to the use
of the units. Under these procedures, an owner must 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 organization before a decision to impose discipline is
rendered; (11) Employment of
attorneys, accountants, and other professional persons as necessary
to assist in the management of the time-share program and the
units; and (12) Procedures
for the developer to obtain the consent of a majority of the
existing owners of the time-share estates before encumbering the
time-share project for the purpose of making additional
improvements to the project.
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