Time-share law needs ‘work’
PA Wellington The holiday time-shar-ing business must seize the initiative and promote new policing legislation before changes are forced on it, according to a leading Auckland property lawyer.
A Brandon Brookfield partner, Howard Johnston, was commenting in “Viewpoint,” his firm’s newsletter to clients.
The company said it advised a number of timeshare developers and in its newsletter it urged the industry to work on new securities law for timesharing. “In the same way that the Unit Trust Association of New Zealand has provided the Securities Commission with a detailed proposal for the regula-
tion of New Zealand Unit Trusts, the New Zealand Holiday Timeshare Council, or some other interested organisation, must take up the invitation in the Justice Department report to work with the Securities Commission to determine the most appropriate application of the Securities Act,” the newsletter said.
Mr Johnston explained that timeshare projects in New Zealand were generally competitively priced compared with those available in other countries. Many overseas people would prefer to invest here for security reasons and because of New Zealand’s largely unspoilt outdoor environment, he said.
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Press, 31 March 1989, Page 4
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185Time-share law needs ‘work’ Press, 31 March 1989, Page 4
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