2006 Code of Virginia § 55-394.1 - Annual report; amendments; termination of registration

55-394.1. Annual report; amendments; termination of registration.

A. The developer shall file a report in the form prescribed by the Board'sregulations by June 30 of each year the registration is effective. Thedeveloper of any time-share project initially registered with the Boardbetween January and June shall not be required to file an annual report forthe year in which it was initially registered. The report shall reflect anymaterial changes in information contained in the original application forregistration or in the immediately preceding annual report, whichever islater, and shall be accompanied by the appropriate fee established by theBoard's regulations or pursuant to 55-392.1.

B. During the developer control period in a time-share estate program, thedeveloper shall file a copy of the unit owners' association annual reportrequired by 55-370.1 along with the annual report required by this section.

C. The developer shall amend or supplement its registration with the Board toreport any material change in the information required by 55-374 and55-391.1. Such amendments or supplemental information shall be filed with theBoard within twenty business days after the occurrence of the material change.

D. In a time-share estate program, if the annual report indicates that thedeveloper has transferred title to the time-share owners' association andthat no further development rights exist, the Board shall issue an orderterminating the registration of time-share projects.

E. The Board shall issue an order terminating the registration of atime-share project upon application by the developer in which the developerstates that no further development right of the project is anticipated andthat the developer has ceased sales of time-shares at the project.

(Code 1950, 55-394; 1981, c. 462; 1985, c. 517; 1998, c. 460; 2006, c. 653.)