                                 CODE OF VIRGINIA

APPLICABILITY; WAIVER (§ 55.1-2153)

A. This article applies to all cooperative interests subject to this chapter,
except as provided in subsection B or as modified or waived by agreement of
purchasers of cooperative interests in a cooperative in which all units are
restricted to nonresidential use.

B. Neither a public offering statement nor a resale certificate need be prepared
or delivered in the case of:

   1. A gratuitous disposition of a cooperative interest;

   2. A disposition pursuant to court order;

   3. A disposition by a government or governmental agency;

   4. A disposition by foreclosure or transfer in lieu of foreclosure;

   5. A disposition to a person in the business of selling cooperative interests
   who intends to offer those cooperative interests to purchasers; or

   6. A disposition that may be canceled at any time and for any reason by the
   purchaser without penalty.

HISTORY: 1982, c. 277, § 55-476; 2019, c. 712.