(a) An association by a two-thirds majority vote of the members present at any regular or special meeting may amend its time-share instrument to provide that the time-shares in a time-share project will not terminate at the end of the term of the time-share plan as provided in § 11A-108 of this title.
(b) In determining that the time-shares will not terminate at the end of the term of the time-share plan, an association may:
(1) Establish a later termination date or decide that there will be no termination date; and
(2) Provide that on or after the original termination date as set forth in the time-share instrument, a time-share owner shall continue to:
(i) Have exclusive rights to use, occupy, sell, convey, assign, mortgage, exchange, or pass by will or inheritance, any time-shares owned by the person;
(ii) Use and enjoy all the common elements of the time-share project; and
(iii) Have the previously existing rights and duties in the association including the right to vote and the duty to pay charges and assessments.
(c) A person to whom a time-share is transferred by sale, conveyance, assignment, mortgage, devise, bequest, or inheritance shall have the rights and duties of the person from whom the time-share was transferred.
(d) The provisions of this section apply even if, under the terms of a time-share deed or time-share instrument, the time-share owners have or will become owners as tenants in common of a time-share unit or project.
(e) An association may not take an action provided for in subsection (a) of this section unless the notice of the meeting sent to the time-share owners expressly states that the action may be considered at the meeting.