1. Except as otherwise provided in this section, the declaration may provide for a period of declarant’s control of the association, during which a declarant, or persons designated by a declarant, may appoint and remove the officers of the association and members of the executive board. A declarant may voluntarily surrender the right to appoint and remove officers and members of the executive board before termination of that period and, in that event, the declarant may require, for the duration of the period of declarant’s control, that specified actions of the association or executive board, as described in a recorded instrument executed by the declarant, be approved by the declarant before they become effective. Regardless of the period provided in the declaration, a period of declarant’s control terminates not later than the earliest of:
(a) Sixty days after conveyance of 75 percent of the residential units that may be created to residential unit owners other than a declarant;
(b) Five years after all declarants have ceased to offer residential units for sale in the ordinary course of business;
(c) Five years after any right to add new residential units was last exercised; or
(d) The day any declarant, after giving notice to units’ owners, records an instrument voluntarily surrendering all rights to control activities of the association.
2. Not later than 60 days after conveyance of 25 percent of the residential units that may be created to units’ owners other than a declarant, at least one member and not less than 25 percent of the members of the executive board must be elected by residential unit owners other than the declarant. Not later than 60 days after conveyance of 50 percent of the residential units that may be created to residential unit owners other than a declarant, not less than one-third of the members of the executive board must be elected by residential unit owners other than the declarant.
(Added to NRS by 2007, 2216; A 2015, 1226)