2005 Connecticut Code - Sec. 47-242. Addition of land or units to limited equity cooperative.
Sec. 47-242. Addition of land or units to limited equity cooperative. (a) For
the purposes of this section, "limited equity cooperative" means a cooperative whose
declaration contains any restrictions on (1) the amount for which a unit may be sold, or
(2) the amount that may be received by a unit owner on the (A) sale or condemnation
of, or casualty loss to, the unit or to the common interest community, (B) termination
of the common interest community, or (C) abandonment or other termination of a unit
owner's or tenant's right of occupancy of a unit.
(c) If the declaration of a limited equity cooperative is amended pursuant to subsection (b) of this section to add land or units, the amendment shall comply with sections 47-229 and 47-236; provided (1) the amendment may reallocate the allocated interests among all the units in any reasonable manner which has been approved by the vote or agreement of unit owners; and (2) the amendment shall contain a legally sufficient description of the real property added to the cooperative.
(P.A. 83-474, S. 43, 96.)
Subsec. (a):
Cited. 228 C. 498, 525.
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