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 Securities and Exchange Act of 1933. B. A public offering statement need not be prepared or delivered in the case of: (1) Any transfer of timeshare interest by any timeshare interest owner other than the developer or his or her 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 gratuitous transfer of a timeshare interest.
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