§1131.11.  Public offering statement; when not required

A.  The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the Securities and Exchange Act of 1933.  

B.  A public offering statement need not be prepared or delivered in the case of:

(1)  Any transfer of timeshare interest by any timeshare interest owner other than the developer or his or her agent.  

(2)  Any disposition pursuant to court order.  

(3)  A disposition by a government or governmental agency.  

(4)  A disposition by foreclosure or deed in lieu of foreclosure.  

(5)  A gratuitous transfer of a timeshare interest.  

Added by Acts 1983, No. 552, §1.