557A.8  Developer control period.
  1.  The time-share instruments for a time-share estate program may provide for a period of time, known as the developer control period, during which the developer or a managing agent selected by the developer shall manage the time-share program and the units in the time-share program.
  2.  If the time-share instruments for a time-share estate program provide for the establishment of a developer control period, they shall include, but not be limited to, provisions for the following:
  a.  Termination of the developer control period by action of the association.
  b.  Termination of contracts for goods and services for the time-share program entered into during the developer control periods.
  c.  Termination of contract for managing agent entered into during developer control period.
  d.  A regular accounting by the developer to the association as to all matters that significantly affect the interests of owners in the time-share program.
85 Acts, ch 155, §8