West Virginia Code 36-9-24 – Annual fee for each time-share period in plan
Current as of: 2023 | Check for updates
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On or before July 1, of each year, each managing entity shall collect as a common expense and pay to the division an annual fee of 50¢ for each time- share period within the time-sharing plan.
Terms Used In West Virginia Code 36-9-24
- Division: means the division of land sales and condominiums in the office of the State Auditor. See West Virginia Code 36-9-4
- Managing entity: means the person responsible for operating and maintaining the time-sharing plan. See West Virginia Code 36-9-4
- Time-sharing plan: means any arrangement, plan, scheme or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license or right-to-use agreement or by any other means, whereby a purchaser, in exchange for a consideration receives a right to use accommodations or facilities, or both, for a specific period of time less than a full year during any given year, but not necessarily for consecutive years, and which extends for a period of more than three years. See West Virginia Code 36-9-4