P.R. Laws tit. 31, § 1262
The provisions of §§ 1262—1268e of this title are applicable only to the whole of accommodations and facilities whose developer is subject to the provisions of this chapter in which case, said developer shall dedicate the subject property to the timeshare or vacation club regime established herein, setting it forth in a public deed which shall be recorded in the Registry of Property.
Once dedicated, the timeshare or vacation club regime may only be modified or terminated with the express conformity of the Company which shall make sure that the provisions of this chapter with respect to such modification or termination have been satisfied and that the rights of the owners are not violated by such modification or termination; Provided, however, That the Company may by regulation establish a list of amendments which do not fundamentally affect the nature of the timeshares, vacation club rights and accommodations sold, the participation respectively assigned thereto or the definition of common expenses, and which do not entail deletion of facilities or other amenities or addition of facilities or other amenities other than at developers sole cost and expense, which modifications shall be exempt from the requirement of the express conformity of the Company referred to above.
The timeshare or vacation club regime may be established on real property situated on land held by recorded lease, surface right or usufruct provided that, through a public deed to that effect, the lessor or owner in fee simple gives his express consent and waives any action or claim he may institute against the owners in case of nonperformance of the lessee’s, surface right holder’s or original usufructuary’s obligations.
The deed dedicating the property to the timeshare or vacation club regime shall, except as otherwise provided for in § 1264(2)(d) of this title, clearly and precisely state the use to which all the area included in the real property and dedicated to the regime shall be devoted and once it is established, said use may only be changed by the developer prior to the sale of any timeshares, vacation club rights or accommodations or by the consent of the developer and the affirmative vote of sixty-six and two-thirds percent (66 2 / 3 %) of the voting power of all owners.
The provisions of § 1262a with respect to inscription in the Registry of Property; those of §§ 1262b through 1262f, both inclusive; §§ 1262h; 1262i; 1264a; 1264b; and §§ 1265—1266f, both inclusive, shall not be applicable to timeshares, vacation club rights or accommodations of a contractual nature.
History —Dec. 26, 1995, No. 252, § 12-101; July 5, 1996, No. 66, § 31; Jan. 5, 1999, No. 3, § 32.