                                 CODE OF VIRGINIA

APPLICABILITY (§ 55.1-2101)

A. This chapter applies to all cooperatives created within the Commonwealth
after July 1, 1982. Unless the declaration provides that the entire chapter is
applicable, such a cooperative is subject only to &#xA7;&#xA7; 55.1-2104 and
55.1-2105 if the cooperative contains only units restricted to nonresidential
use or contains no more than three units and is not subject to any development
rights.

B. Except as provided in subsection C, &#xA7;&#xA7; 55.1-2100, 55.1-2104,
55.1-2105, 55.1-2109, 55.1-2114, and 55.1-2131, subdivisions A 1 through 6 and
11 through 17 of &#xA7; 55.1-2133, and &#xA7;&#xA7; 55.1-2143, 55.1-2148,
55.1-2151, 55.1-2169, 55.1-2170, and 55.1-2309 apply to all cooperatives created
in the Commonwealth before July 1, 1982. Those sections apply only with respect
to events and circumstances occurring after July 1, 1982, and do not invalidate
existing provisions of the cooperative documents of those cooperatives. With
regard to any cooperative created before July 1, 1982, &#xA7; 55.1-2104 applies
only to real estate acquired by that cooperative&#8217;s association on or after
that date. For the purposes of this section, a cooperative was created before
July 1, 1982, if the cooperative was conveyed to the association before that
date.

C. If a cooperative created within the Commonwealth before July 1, 1982,
contains no more than three units and is not subject to any development rights,
it is subject only to &#xA7;&#xA7; 55.1-2104 and 55.1-2105, unless the
declaration is amended to make any or all of the sections enumerated in
subsection B apply to that cooperative.

D. This chapter does not apply to cooperatives or cooperative interests located
outside the Commonwealth, but the public offering statement provisions as given
in &#xA7;&#xA7; 55.1-2153 through 55.1-2160 apply to all contracts for the
disposition of cooperative interests signed in the Commonwealth by any party,
unless exempt under subsection B of &#xA7; 55.1-2153. The Common Interest
Community Board regulations provisions under Article 5 (&#xA7; 55.1-2173 et
seq.) apply to any such offering in the Commonwealth.

E. This chapter does not apply to any cooperatives that receive federal funding
pursuant to the public housing or &#xA7; 8 program under the United States
Housing Act of 1937, as amended.

F. This chapter does not apply to any cooperative that, when acquired by an
association, is subject to a mortgage or deed of trust securing an indebtedness
owed to any government or governmental authority to which the association has
contractual obligations in addition to those set forth in such mortgage or deed
of trust.

HISTORY: 1982, c. 277, § 55-425; 1983, c. 312; 1986, cc. 368, 557; 2019, c.
712; 2023, cc. 387, 388.