2010 US Code
Title 15 - COMMERCE AND TRADE
CHAPTER 62 - CONDOMINIUM AND COOPERATIVE CONVERSION PROTECTION AND ABUSE RELIEF
Sec. 3607 - Termination of self-dealing contracts
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 4, Title 15 - COMMERCE AND TRADE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 62 - CONDOMINIUM AND COOPERATIVE CONVERSION PROTECTION AND ABUSE RELIEF Sec. 3607 - Termination of self-dealing contracts |
Contains | section 3607 |
Date | 2010 |
Laws in Effect as of Date | January 7, 2011 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 96-399, title VI, §608, Oct. 8, 1980, 94 Stat. 1676. |
Statutes at Large Reference | 94 Stat. 1676 |
Public Law Reference | Public Law 96-399 |
§3607. Termination of self-dealing contracts (a) Operation, maintenance, and management contracts; penalty
Any contract or portion thereof which is entered into after October 8, 1980, and which—
(1) provides for operation, maintenance, or management of a condominium or cooperative association in a conversion project, or of property serving the condominium or cooperative unit owners in such project;
(2) is between such unit owners or such association and the developer or an affiliate of the developer;
(3) was entered into while such association was controlled by the developer through special developer control or because the developer held a majority of the votes in such association; and
(4) is for a period of more than three years, including any automatic renewal provisions which are exercisable at the sole option of the developer or an affiliate of the developer,
may be terminated without penalty by such unit owners or such association.
(b) Time of terminationAny termination under this section may occur only during the two-year period beginning on the date on which—
(1) special developer control over the association is terminated; or
(2) the developer owns 25 per centum or less of the units in the conversion project,
whichever occurs first.
(c) Vote of owners of unitsA termination under this section shall be by a vote of owners of not less than two-thirds of the units other than the units owned by the developer or an affiliate of the developer.
(d) Effective date of terminationFollowing the unit owners’ vote, the termination shall be effective ninety days after hand delivering notice or mailing notice by prepaid United States mail to the parties to the contract.
(Pub. L. 96–399, title VI, §608, Oct. 8, 1980, 94 Stat. 1676.)
CodificationIn subsec. (a), “October 8, 1980” was substituted for “the effective date of this title”. See Effective Date note set out under section 3601 of this title.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.