NC H1253

Exempts time share declarations adopted and recorded before July 1, 1984 from the rule against perpetuities in North Carolina.

Allows time share project boards to amend original declarations adopted prior to July 1, 1984 with a two-thirds vote if the provision converts or provides a mechanism to convert ownership to tenancy in common.

Declares that all provisions in pre-1984 time share declarations are severable, and that title or interest is not rendered unmarketable by insubstantial failures to comply with this section.

Preserves individual time share owners' rights to vote for project termination or amendment of declarations related to termination.

Applies only to time share projects located entirely within Currituck and Dare counties.