Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
The term "real estate development" shall include
developments:
1. Which consist or will consist of separately owned
lots, parcels or areas with either or both of the following features:
a. One or more additional contiguous or noncontiguous
lots, parcels or areas owned in common by the owners of the separately owned
lots, parcels or areas.
b. Mutual, common or reciprocal interests in or
restrictions upon, all or portions of such separately owned lots, parcels or
areas, or both.
2. The estate in a separately or commonly owned lot,
parcel or area may be an estate of inheritance, estate in fee, an estate for
life, or an estate for years.
Either common ownership of the additional contiguous
or noncontiguous lots, parcels or areas referred to in subparagraph a. of
paragraph 1. above, or the enjoyment of the mutual, common or reciprocal
interests in, or restrictions upon the separately owned lots, parcels or areas
pursuant to subparagraph b. of paragraph 1. above, or both, may be through
ownership of shares of stock or membership in an owners association or
otherwise.
Historical Data
Laws 1975, HB 1442, c. 292, § 1, emerg. eff.
June 5, 1975.