                                 CODE OF VIRGINIA

RIGHTS OF SECURED LENDERS (§ 55.1-2129)

The declaration may require that all or a specified number or percentage of the
lenders holding security interests encumbering the cooperative interests approve
specified actions of the proprietary lessees or the association as a condition
to the effectiveness of those actions, but no requirement for approval shall
operate to (i) deny or delegate control over the general administrative affairs
of the association by the proprietary lessees or the executive board; (ii)
prevent the association or the executive board from commencing, intervening in,
or settling any litigation or proceeding; or (iii) receive and distribute any
insurance proceeds except pursuant to § 55.1-2145.

HISTORY: 1982, c. 277, § 55-455; 2019, c. 712.