Virginia Real Estate Time-Share Act; partialtermination of certain time-shares. Allows for the partial terminationof a time-share project by a developer or an association and providesthe procedures for any such partial termination. The bill also setsa one-year statute of limitations on any legal challenge or actionfor damages or equitable relief arising out of any termination ofa time-share project in accordance with the provisions of the VirginiaReal Estate Time-Share Act. The bill's provisions are declared tobe effective retroactive in accordance with certain provisions ofthe Virginia Real Estate Time-Share Act. Virginia Real Estate Time-Share Act; partial termination of certain time-shares. Allows for the partial termination of a time-share project by a developer or an association and provides the procedures for any such partial termination. The bill also sets a one-year statute of limitations on any legal challenge or action for damages or equitable relief arising out of any termination of a time-share project in accordance with the provisions of the Virginia Real Estate Time-Share Act. The bill's provisions are declared to be effective retroactive in accordance with certain provisions of the Virginia Real Estate Time-Share Act. This bill is identical to HB 1241.