Receipt Of Public Offering Statement

Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall obtain from the purchaser a signed and dated receipt for the public offering statement (and any amendments and supplements thereto) provided in accordance with T.C.A. § 66-32-112. The receipt shall specify the number of pages in the public offering statement as filed with the Commission. The developer shall retain such receipt for a period of four (4) years from the date thereof.