(a)  Except as provided in subsection (b), more than twelve (12) time shares may be created in a single time-share property only by a time-share instrument containing or providing for the following matters:

(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 municipalities 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 § 34-41-3.08;

(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 a licensee shall have, if his or her license is terminated, with respect to any of the property his or her license affects, or a statement that he or she shall not have any rights; and

(10)  Any requirements for amendments of the time-share instrument.

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(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 contain or provide for the matters specified in subdivisions (1) — (7) of subsection (a).