(a) If all of the documents constituting the project instrument are recorded after May 7, 1984, time shares may not be created in any unit in a project unless expressly permitted by the project instrument. No amendment to a project instrument which is recorded after May 7, 1984 may permit the creation of time shares unless the owners of at least eighty percent (80%) of the units, or any larger majority required by the project instrument or by law, consent to the amendment. (b) A municipality by and through adoption of its zoning ordinance shall be empowered to designate zones in which time-share ownership of property is permitted by right or by special exception, provided however that time share ownership of property shall be permitted in zones where hotels-motels are permitted by right or by special exception. In the event the municipality does not adopt an ordinance designating zones in which time share ownership of property is permitted by right or by special exception, this section shall not be construed to require a designation of a time share zone prior to development, nor impose any requirement upon a time share property which the zoning code of the respective community would not impose upon a physically identical development under a different form of ownership.
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