                                 CODE OF VIRGINIA

COMMON INTEREST COMMUNITY BOARD REGULATION OF PUBLIC OFFERING STATEMENT (§
55.1-2183)

A. The Common Interest Community Board at any time may require a declarant to
alter or supplement the form or substance of a public offering statement to
assure adequate and accurate disclosure to prospective purchasers.

B. The public offering statement shall not be used for any promotional purpose
before registration and shall be used afterwards only if it is used in its
entirety. No person shall advertise or represent that the Common Interest
Community Board has approved or recommended the cooperative, the disclosure
statement, or any of the documents contained in the application for
registration.

C. In the case of a cooperative situated wholly outside of the Commonwealth, no
application for registration or proposed public offering statement filed with
the Common Interest Community Board that has been approved by an agency in the
state where the cooperative is located and substantially complies with the
requirements of this chapter shall be rejected by the Common Interest Community
Board on the grounds of noncompliance with any different or additional
requirements imposed by this chapter or by the Common Interest Community
Board&#8217;s regulations. However, the Common Interest Community Board may
require additional documents or information in particular cases to assure
adequate and accurate disclosure to prospective purchasers.

HISTORY: 1982, c. 277, § 55-505; 2019, c. 712.