S.D. Admin. R. 20:69:12:10

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:69:12:10 - Additional filings required

In addition to the application, fees, and disclosure statement, a developer shall file the following with the commission to register a time-share project:

(1) A financial statement not more than 90 days old prepared according to generally accepted accounting principles and certified by the developer or by a certified public accountant. If an audited financial report is filed, it must be the most current report and may not be more than 15 months old. A false or fraudulent financial statement submitted by the developer may be grounds for cancellation, suspension, or revocation of registration;

(2) A policy of title insurance, a preliminary title report, abstract of title, or certificate of title not more than 90 days old at the time of filing of a time-share plan;

(3) A certified copy of the articles of incorporation and bylaws, if a corporation, or a partnership registration if a partnership or joint venture at the time of filing a time-share plan;

(4) A copy of a special escrow agreement as required in § 20:69:12:30;

(5) The name and address of person in the state to receive service of process. Any change of name or address must be promptly reported to the commission.

The format for filing shall be prescribed by the commission.

S.D. Admin. R. 20:69:12:10

10 SDR 68, effective 1/1/1984; 12 SDR 102, effective 12/22/1985; 12 SDR 151, 12 SDR 155, effective 7/1/1986; transferred from

General Authority: SDCL 36-21A-89, 43-15B-6.

Law Implemented: SDCL 43-15B-3, 43-15B-6.

Accounting principles, § 20:37:11:08.