§36-9-13. Discharge of managing entity.
(a) If a fee simple interest in real property is being sold
to purchasers of a time-sharing plan, the contract retaining a
managing entity shall be automatically renewable every three
years, beginning with the third year after the managing entity is
first created or provided for the time- sharing plan, unless the
purchasers vote to discharge the managing entity. Such a vote
shall be conducted by the board of the owners' association. The
managing entity shall be discharged if at least sixty-six percent
of the purchasers voting, which shall be at least fifty percent
of all votes allocated to purchasers, vote to discharge the
(b) In the event the managing entity is discharged, the
board of the owners' association shall be responsible for
obtaining another managing entity.
(c) The managing entity of a condominium time-sharing plan
may be discharged in the same manner.