If a time-share is currently registered with the securities and exchange commission of the United States, a developer satisfies all requirements relating to the preparation of a public offering statement of this chapter if he or she delivers to the purchaser (and files with the agency) a copy of the public offering statement filed with the securities and exchange commission. (A time share is not a security under the provisions of chapter 11 of title 7 entitled "Sale of Securities.")
History of Section.
P.L. 1984, ch. 141, § 2.