(a) The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following: (1) Securities and Exchange Act of 1933;
COL120106
(2) Federal Interstate Land Sales Full Disclosure Act in which the time-share program is made a part of the subdivision that is being registered; or (3) any other Federal or local act which requires a Federal or local public offering statement or similar disclosure document to be prepared and provided to purchasers. (b) A public offering statement need not be prepared or delivered in the case of: (1) any transfer of a time-share interval by any time-share interval owner other than the developer or his agent; (2) any disposition pursuant to court order; (3) a disposition by a government or governmental agency; (4) a disposition by foreclosure or deed in lieu of foreclosure; (5) a disposition of a time-share interval in a time-share project situated wholly outside this Territory provided that all solicitations, negotiations and contracts took place wholly outside this Territory and the contract was executed wholly outside this Territory; (6) a gratuitous transfer of a time-share interval; or (7) group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.