(1) A court of competent jurisdiction, upon petition by timeshare owners constituting at least 10 percent of the total number of timeshare owners in a timeshare plan, may declare a failure in the management of the timeshare plan and timeshare property and appoint a trustee to assume the duties of a managing entity for the timeshare plan, if the court finds that:
(a) The management of the timeshare plan and timeshare property has failed to carry out the duties of a managing entity under the timeshare instrument and ORS 94.846 to 94.858;
(b) The rights of the timeshare owners under the timeshare instrument will be substantially impaired if a trustee is not appointed; and
(c) No reasonable alternative exists to appointment of a trustee to perform the functions of a managing entity.
(2) The court may attach such conditions and terms to its appointment of a trustee under subsection (1) of this section as the court considers necessary to protect the rights of timeshare owners under the timeshare instrument.
(3) The trustee shall send a copy of the court’s decision to the Real Estate Commissioner.