{"data":{"id":"us-nv/nrs-119a.380","jurisdiction":"us-nv","citation":"NRS 119A.380","heading":"Requirements for time-share instruments.","body":"1. Each time-share plan must be created by one or more time-share instruments.\n2. A time-share instrument must provide:\n(a) A legal description and the physical address of the project;\n(b) The name of the time-share plan;\n(c) A system for establishing and identifying the time shares in the time-share plan;\n(d) For assessment of the expenses of the time-share plan and an allocation of those expenses among the time shares;\n(e) The voting rights which are assigned to each time share;\n(f) If applicable, the procedure to add units and other real estate to, and to withdraw units and other real estate from, the time-share plan, and the method of reallocating expenses among the time shares after any such addition or withdrawal;\n(g) The maximum number of time shares that may be created under the time-share plan;\n(h) For selection of the trustee for insurance which is required to be maintained by the association or the developer;\n(i) For maintenance of the units;\n(j) For management of the time-share plan;\n(k) A procedure to amend the time-share instrument; and\n(l) The rights of the purchaser relating to the occupancy of the unit.\n3. A time-share instrument may provide for:\n(a) The developer’s reserved rights;\n(b) Cumulative voting, but only for the purpose of electing the members of the board; and\n(c) The establishment of:\n(1) Separate voting classes based on the size or type of unit to which the votes are allocated; and\n(2) A separate voting class for the developer during the period in which the developer is in control.\n4. The provisions of a time-share instrument are severable.\n5. The rule against perpetuities and NRS 111.103 to 111.1039, inclusive, do not apply to defeat any provisions of a time-share instrument.\n6. With respect to time-share plans governed by the law of another state or component sites of a time-share plan located outside of this State, the instrument creating and governing the time-share plans or such component sites must be in compliance with the applicable laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites are located. If the laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites of such time-share plan are located conflict with the requirements of this chapter, the laws of the other state or jurisdiction control. If the time-share instrument provides for the matters set forth in subsections 1 and 2, the association and the developer shall be deemed to be in compliance with the requirements of this section and are not required to revise a time-share instrument to comply with this chapter.","path":["TITLE 10 — PROPERTY RIGHTS AND TRANSACTIONS","CHAPTER 119A - TIME SHARES","SALE OF TIME SHARES"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-119A.html#NRS119ASec380","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:32Z","sha256":"03dbe42f3555c439042a86fed7cb43468bc9edad17ed233aa7ff186b50c1ae34","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-119a.365","next":"us-nv/nrs-119a.385"},"notice":"GroundRules: Original legal text. Not legal advice."}