2006 Code of Virginia § 55-425 - Applicability

55-425. Applicability.

A. This chapter applies to all cooperatives created within this Commonwealthafter July 1, 1982. Unless the declaration provides that the entire chapteris applicable, such a cooperative is subject only to 55-429 and 55-430 ifthe cooperative contains only units restricted to nonresidential use orcontains no more than three units and is not subject to any developmentrights.

B. Except as provided in subsection C, 55-426, 55-429, 55-430, 55-434,55-440, 55-457, 55-459 subsection A, subdivisions 1 through 6 and 11 through17, 55-468, 55-472, 55-474, 55-484, 55-492 and 55-493 shall apply to allcooperatives created in this Commonwealth before July 1, 1982. Those sectionsapply only with respect to events and circumstances occurring after July 1,1982, and do not invalidate existing provisions of the cooperative documentsof those cooperatives. With regard to any cooperative created before July 1,1982, 55-429 applies only to real estate acquired by that cooperative'sassociation on or after that date. For the purposes of this section, acooperative was created before July 1, 1982, if the cooperative was conveyedto the association before that date.

C. If a cooperative created within this Commonwealth before July 1, 1982,contains no more than three units and is not subject to any developmentrights, it is subject only to 55-429 and 55-430 unless the declaration isamended to make any or all the sections enumerated in subsection B apply tothat cooperative.

D. This chapter does not apply to cooperatives or cooperative interestslocated outside this Commonwealth, but the public offering statementprovisions as given in 55-476 through 55-483 apply to all contracts forthe disposition of cooperative interests signed in this Commonwealth by anyparty, unless exempt under subsection B of 55-476. The agency regulationsprovisions under Article 5 ( 55-496 et seq.) of this chapter apply to anyoffering thereof in this Commonwealth.

E. This chapter does not apply to any cooperatives which receive federalfunding pursuant to the public housing or section 8 program under the UnitedStates Housing Act of 1937, as amended.

F. This chapter does not apply to any cooperative which, when acquired by anassociation, is subject to a mortgage or deed of trust securing anindebtedness owed to any government or governmental authority to which theassociation has contractual obligations in addition to those set forth insuch mortgage or deed of trust.

(1982, c. 277; 1983, c. 312; 1986, cc. 368, 557.)