World International Vacation Club was formed in 1983 for the purpose of establishing and operating a multi-location vacation ownership membership program. Under the WIVC program, Club is responsible for the operation, management, maintenance and control of all apartment/hotel/condominium dwelling units which have been dedicated to the WIVC Program in nine (9) destination resort projects located in Mexico, Spain and Colorado. Title to the vacation ownership units in the existing projects located in Mexico has been conveyed to a Mexican bank which acts as trustee for the benefit of the Club subject to certain trust agreements. Title to the vacation ownership units in the existing projects located in Spain and Colorado is held by the Club. The Club has a Board of Directors consisting of five members, each serving a two-year term, with at least two Directors being elected at the members' annual meeting in April of each year.
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