{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2157.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2157.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2157.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2157.html"}],"law_id":71522,"edition_id":1,"section_id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","history":"1982, c. 277, \u00a7 55-480; 2019, c. 712.","full_text":"If the declaration provides that ownership of cooperative interests or occupancy of any units is or may be in time-shares, the public offering statement shall disclose, in addition to the information required by \u00a7 55.1-2155:\n\n1\n\nThe number and identity of units in which time-shares may be created;2\n\nThe total number of time-shares that may be created;3\n\nThe minimum duration of any time-shares that may be created; and4\n\nThe extent to which the creation of time-shares will or may affect the enforceability of the association’s lien for assessments provided in § 55.1-2149.","order_by":null,"text":{"0":{"id":257828,"text":"If the declaration provides that ownership of cooperative interests or occupancy of any units is or may be in time-shares, the public offering statement shall disclose, in addition to the information required by \u00a7 55.1-2155:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":257829,"text":"The number and identity of units in which time-shares may be created;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":257830,"text":"The total number of time-shares that may be created;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":257831,"text":"The minimum duration of any time-shares that may be created; 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waiver","url":"\/55.1-2153\/","token":"55.1\/IV\/21\/4\/55.1-2153","metadata":false},{"id":80903,"structure_id":14195,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","url":"\/55.1-2154\/","token":"55.1\/IV\/21\/4\/55.1-2154","metadata":false},{"id":57013,"structure_id":14195,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","url":"\/55.1-2155\/","token":"55.1\/IV\/21\/4\/55.1-2155","metadata":false},{"id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","metadata":false},{"id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","metadata":false},{"id":74617,"structure_id":14195,"section_number":"55.1-2158","catch_line":"Public offering statement; cooperatives containing conversion building","url":"\/55.1-2158\/","token":"55.1\/IV\/21\/4\/55.1-2158","metadata":false},{"id":84882,"structure_id":14195,"section_number":"55.1-2159","catch_line":"Public offering statement; cooperative securities","url":"\/55.1-2159\/","token":"55.1\/IV\/21\/4\/55.1-2159","metadata":false},{"id":66392,"structure_id":14195,"section_number":"55.1-2160","catch_line":"Purchaser's right to cancel","url":"\/55.1-2160\/","token":"55.1\/IV\/21\/4\/55.1-2160","metadata":false},{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},{"id":66987,"structure_id":14195,"section_number":"55.1-2162","catch_line":"Escrow of deposits","url":"\/55.1-2162\/","token":"55.1\/IV\/21\/4\/55.1-2162","metadata":false},{"id":69847,"structure_id":14195,"section_number":"55.1-2163","catch_line":"Release of liens","url":"\/55.1-2163\/","token":"55.1\/IV\/21\/4\/55.1-2163","metadata":false},{"id":71295,"structure_id":14195,"section_number":"55.1-2164","catch_line":"Conversion buildings","url":"\/55.1-2164\/","token":"55.1\/IV\/21\/4\/55.1-2164","metadata":false},{"id":84401,"structure_id":14195,"section_number":"55.1-2165","catch_line":"Express warranties of quality","url":"\/55.1-2165\/","token":"55.1\/IV\/21\/4\/55.1-2165","metadata":false},{"id":85949,"structure_id":14195,"section_number":"55.1-2166","catch_line":"Implied warranties of quality","url":"\/55.1-2166\/","token":"55.1\/IV\/21\/4\/55.1-2166","metadata":false},{"id":68678,"structure_id":14195,"section_number":"55.1-2167","catch_line":"Exclusion or modification of implied warranties of quality","url":"\/55.1-2167\/","token":"55.1\/IV\/21\/4\/55.1-2167","metadata":false},{"id":62130,"structure_id":14195,"section_number":"55.1-2168","catch_line":"Statute of limitations for warranties","url":"\/55.1-2168\/","token":"55.1\/IV\/21\/4\/55.1-2168","metadata":false},{"id":82381,"structure_id":14195,"section_number":"55.1-2169","catch_line":"Effect of violation on rights of action; attorney fees; arbitration of disputes","url":"\/55.1-2169\/","token":"55.1\/IV\/21\/4\/55.1-2169","metadata":false},{"id":81822,"structure_id":14195,"section_number":"55.1-2170","catch_line":"Labeling of promotional material","url":"\/55.1-2170\/","token":"55.1\/IV\/21\/4\/55.1-2170","metadata":false},{"id":55380,"structure_id":14195,"section_number":"55.1-2171","catch_line":"Declarant's obligation to complete and restore","url":"\/55.1-2171\/","token":"55.1\/IV\/21\/4\/55.1-2171","metadata":false},{"id":64364,"structure_id":14195,"section_number":"55.1-2172","catch_line":"Substantial completion of units","url":"\/55.1-2172\/","token":"55.1\/IV\/21\/4\/55.1-2172","metadata":false}],"previous_section":{"id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","metadata":false},"next_section":{"id":74617,"structure_id":14195,"section_number":"55.1-2158","catch_line":"Public offering statement; cooperatives containing conversion building","url":"\/55.1-2158\/","token":"55.1\/IV\/21\/4\/55.1-2158","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2157\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":[{"id":80903,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","order_by":null,"url":"\/55.1-2154\/"}],"refers_to":[{"id":83139,"section_number":"55.1-2149","catch_line":"Other liens affecting the cooperative","order_by":null,"url":"\/55.1-2149\/"},{"id":57013,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","order_by":null,"url":"\/55.1-2155\/"}],"permalink":{"id":247355,"object_type":"law","relational_id":71522,"identifier":"55.1-2157","token":"55.1\/IV\/21\/4\/55.1-2157","url":"\/55.1-2157\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","dublin_core":{"Title":"Public offering statement; time-shares","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2157","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

If the declaration<\/span> provides that ownership of cooperative interests<\/span> or occupancy of any units<\/span> is or may be in time-shares, the public offering<\/span> statement shall disclose, in addition to the information required by \u00a7 55.1-2155<\/a>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The number and identity of units<\/span> in which time-shares may be created; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The total number of time-shares that may be created; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The minimum duration of any time-shares that may be created; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The extent to which the creation of time-shares will or may affect the enforceability of the association<\/span>’s lien<\/span> for assessments provided in § 55.1-2149<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPUBLIC OFFERING STATEMENT; TIME-SHARES (\u00a7 55.1-2157)\n\nIf the declaration provides that ownership of cooperative interests or occupancy\nof any units is or may be in time-shares, the public offering statement shall\ndisclose, in addition to the information required by \u00a7 55.1-2155:\n\n1. The number and identity of units in which time-shares may be created;\n\n2. The total number of time-shares that may be created;\n\n3. The minimum duration of any time-shares that may be created; and\n\n4. The extent to which the creation of time-shares will or may affect the\nenforceability of the association’s lien for assessments provided in\n§ 55.1-2149.\n\nHISTORY: 1982, c. 277, \u00a7 55-480; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}