                                 CODE OF VIRGINIA

ANNUAL REPORT AND AMENDMENTS (§ 55.1-2181)

A. A declarant, within 30 days after the anniversary date of the order of
registration, shall file annually a report to bring up to date the material
contained in the application for registration and the public offering statement.
This provision does not relieve the declarant of the obligation to file
amendments pursuant to subsection B.

B. A declarant shall file promptly amendments to the public offering statement
with the Common Interest Community Board.

C. If an annual report reveals that a declarant owns or controls cooperative
interests representing less than 25 percent of the voting power in the
association and that a declarant has no power to increase the number of units in
the cooperative or to cause a merger or confederation of the cooperative with
other cooperatives, the Common Interest Community Board shall issue an order
relieving the declarant of any further obligation to file annual reports. After
such order is issued, so long as the declarant is offering any cooperative
interests for sale, the Common Interest Community Board has jurisdiction over
the declarant&#8217;s activities but has no other authority to regulate the
cooperative.

HISTORY: 1982, c. 277, § 55-504; 2019, c. 712.