P.R. Laws tit. 31, § 1266e
The owners, including the developer of a property dedicated to the timeshare or vacation club regime, by a majority of sixty-six and two-thirds percent (66 2 / 3 %) of the voting power of all owners, may terminate the regime and request of the Registrar: (i) the regrouping or merger of the filial properties corresponding to each timeshare or vacation club matrix property, and (ii) the regrouping or merger of the filial accommodations (properties) in the matrix property; Provided, That the aforesaid filial properties referred to in (i) and (ii) are unencumbered or, in lieu thereof, that the persons in whose favor said properties are encumbered agree to substitute the security or interest they may have in said properties, for the participation pertaining to such owners in the timeshare or vacation club matrix property or in the matrix property at the time of such termination, as applicable, within the common property regime provided in §§ 1271 et seq. of this title that will result from said termination.
Upon the expiration of the term for which the timeshare or vacation club regime was constituted, the regime shall automatically terminate and the developer and the owners shall each have an undivided interest in common with all other owners in the totality of the real and personal property then owned by the timeshare plan or vacation club equivalent to the proportion their respective participation in the timeshare plan or vacation club bears, at the time of such expiration to the aggregate of all participation in the same; and any lien on any timeshare, vacation club right or accommodation shall become a lien on the undivided interest in the totality of the real and personal property corresponding to the former owner of the timeshare, vacation club right or accommodation subject to the lien. In such event, the developer or any owner may request from the Registrar: (i) the regrouping or merger of the filial properties corresponding to each timeshare or vacation club matrix property; (ii) the regrouping or merger of the filial accommodations (properties) in the matrix property, in accordance with the provisions of the preceding paragraph, and (iii) the recording of the respectively resulting undivided interests in the property formerly dedicated to the regime. The maximum recording fee for the foregoing operations shall be five hundred dollars ($500) or such higher amount as the Company may from time to time establish by regulation.
History —Dec. 26, 1995, No. 252, § 12-126.