Section 12. (a) Except as provided in subsection (b), more than twelve time-shares may be created in a single time-share property only by a time-share instrument recorded in the registry of deeds or land registration office for the district in which the time-share unit is situated. Said instrument shall contain or provide for the following:

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(1) a legally sufficient description of the time-share property and the name or other identification of the project, if any, within which it is situated;

(2) the name of the registry district or land registration office in which the time-share property is situated;

(3) identification of time periods by letter, name, number, or combination thereof;

(4) the time-share expense liability and any voting rights assigned to each time-share;

(5) if additional units may become part of the time-share property, the method of doing so and the formula for allocation and reallocation of the time-share expense liabilities and any votes;

(6) the method of designating the insurance trustee required under section twenty-six;

(7) allocation of time for maintenance of the time-share units;

(8) provisions for management by a managing entity or by the time-share owners;

(9) if all of the time-shares are time-share licenses, the rights of a licensee, if his license is terminated, with respect to any of the property his license affects, or a statement that he has no rights; and

(10) any requirements for amendments to the time-share instrument.

(b) If a time-share license applies to units in more than one time-share property, the time-share instrument creating the license need not comply with the provisions of clauses (1) to (7), inclusive, of subsection (a).