Massachusetts General Laws ch. 183B sec. 19 – Managing entity
Section 19. (a) If the number of time-shares in a time-share property is more than twelve, the developer, before the first transfer of a time-share, shall create or provide a managing entity to manage the time-share property. The managing entity may be (i) a manager, who may be the developer, or (ii) an association, which shall be a profit or nonprofit corporation or an unincorporated association, the membership of which shall at all times consist exclusively of all the time-share owners. If the time-share property is part of a project containing time-share units and other units, the manager may be the entity that governs the project. If the number of time-shares in the time-share property is twelve or fewer and there is no managing entity, the time-share owners may form an association meeting the requirements specified above.
Terms Used In Massachusetts General Laws ch. 183B sec. 19
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
(b) In the absence of a managing entity required by this section, a court upon application of a party in interest, including a time-share owner or a lien holder, may appoint and prescribe the powers of a managing entity.