If a trust is created pursuant to subsection 3 of NRS 119A.430, the:
1. Trustee must be approved by the Administrator.
2. Trust must be irrevocable, unless otherwise provided by the Administrator.
3. Trustee must not be permitted to encumber the property unless permission to do so has been given by the Administrator.
4. Association or each owner must be made a third-party beneficiary.
5. Trustee must be required to give at least 30 days’ notice in writing of his or her intention to resign to the association, if it has been formed, and to the Administrator, and the Administrator must approve a substitute trustee before the resignation of the trustee may be accepted.