When used in this chapter or in the declaration and bylaws, unlessspecifically provided otherwise or the context requires a different meaning,the following terms shall have the meanings respectively set forth:
"Affiliate of a declarant" means any person who controls, is controlled by,or is under common control with a declarant. A person "controls" adeclarant if the person (i) is a general partner, officer, director oremployer of the declarant; (ii) directly or indirectly or acting in concertwith one or more other persons, or through one or more subsidiaries, owns,controls, holds with power to vote, or holds proxies representing, more than20 percent of the voting interest in the declarant; (iii) controls in anymanner the election of a majority of the directors of the declarant; or (iv)has contributed more than 20 percent of the capital of the declarant. Aperson "is controlled by" a declarant if the declarant (i) is a generalpartner, officer, director or employer of the person; (ii) directly orindirectly or acting in concert with one or more persons, or through one ormore subsidiaries, owns, controls, holds with power to vote, or holds proxiesrepresenting, more than 20 percent of the voting interest in the person;(iii) controls in any manner the election of a majority of the directors ofthe person; or (iv) has contributed more than 20 percent of the capital ofthe person. Control does not exist if the powers described in this paragraphare held solely as security for an obligation and are not exercised.
"Allocated interests" means the common expense liability and the ownershipinterest and votes in the association allocated to each cooperative interest.
"Association" or "proprietary lessees' association" means the proprietarylessees' association organized under § 55-458.
"Capital components" means those items, whether or not a part of the commonelements, for which the association has the obligation for repair,replacement, or restoration and for which the executive board determinesfunding is necessary.
"Common elements" means all portions of a cooperative other than the units.
"Common expenses" means expenditures made by or financial liabilities ofthe association, together with any allocations to reserves.
"Common expense liability" means liability for common expenses allocatedto each cooperative interest pursuant to § 55-444.
"Conversion building" means a building that at any time before creation ofthe cooperative was occupied wholly or partially by persons other thanpurchasers and persons who occupy with the consent of purchasers.
"Cooperative" means real estate owned by an association, each of themembers of which is entitled, by virtue of his ownership interest in theassociation, to exclusive possession of a unit.
"Cooperative interest" means an ownership interest in the associationcoupled with a possessory interest in a unit under a proprietary lease. Forpurposes of this act, a declarant is treated as the owner of any cooperativeinterests or potential cooperative interests to which allocated interestshave been allocated pursuant to § 55-444 until that cooperative interest hasbeen created and conveyed to another person.
"Declarant" means any person or group of persons acting in concert who (i)as part of a common promotional plan, offers to dispose of his or itscooperative interest not previously disposed of; (ii) reserves or succeeds toany special declarant right; or (iii) applies for registration of acooperative under Article 5 (§ 55-496 et seq.) of this chapter.
"Declaration" means any instruments, however denominated, that create acooperative and any amendments to those instruments.
"Development rights" means any right or combination of rights reserved by adeclarant in the declaration to (i) add real estate to a cooperative; (ii)create units, common elements, or limited common elements within acooperative; (iii) subdivide units or convert units into common elements; or(iv) withdraw real estate from a cooperative.
"Dispose" or "disposition" means a voluntary transfer to a purchaser ofany legal or equitable interest in a cooperative interest, but does notinclude the transfer or release of a security interest.
"Executive board" means the body, regardless of name, designated in thedeclaration to act on behalf of the association.
"Identifying number" means a symbol or address that identifies only oneunit in a cooperative.
"Leasehold cooperative" means a cooperative in which all or a portion ofthe real estate is subject to a lease, the expiration or termination of whichwill terminate the cooperative or reduce its size.
"Limited common element" means a portion of the common elements allocatedby the declaration or by operation of § 55-439 paragraph 2 or 4 for theexclusive use of one or more but fewer than all of the units.
"Master association" means an organization described in § 55-456, whetheror not it is also an association described in § 55-458.
"Offering" means any advertisement, inducement, solicitation or attempt toencourage any person to acquire any interest in a cooperative interest, otherthan as security for an obligation. An advertisement in a newspaper or otherperiodical of general circulation, or in any broadcast medium to the generalpublic, of a cooperative not located in the Commonwealth, is not an offeringif the advertisement states that an offering may be made only in compliancewith the law of the jurisdiction in which the cooperative is located.
"Person" means a natural person, corporation, business trust, estate,trust, partnership, association, joint venture, government, governmentalsubdivision or agency, or any other legal or commercial entity. In the caseof a land trust, however, "person" means the beneficiary of the trustrather than the trust or the trustee.
"Proprietary lease" means an agreement with the association pursuant towhich a proprietary lessee has a possessory interest in a unit.
"Proprietary lessee" means a person who owns a cooperative interest, otherthan as security for an obligation, and the declarant with respect tocooperative interests or potential cooperative interests to which allocatedinterests have been allocated pursuant to § 55-444 until that cooperativeinterest has been created and conveyed to another person.
"Purchaser" means any person, other than a declarant or a person in thebusiness of selling cooperative interests for his own account, who by meansof a voluntary transfer acquires or contracts to acquire a cooperativeinterest other than as security for an obligation.
"Real estate" means any leasehold or other estate or interest in, over orunder land, including structures, fixtures, and other improvements andinterests which by custom, usage or law pass with a conveyance of land thoughnot described in the contract of sale or instrument of conveyance. "Realestate" includes parcels with or without upper or lower boundaries, andspaces that may be filled with air or water.
"Residential purposes" means use for dwelling or recreational purposes, orboth.
"Security interest" means an interest in real or personal property, createdby contract or conveyance, which secures payment or performance of anobligation. "Security interest" includes a mortgage, deed of trust, trustdeed, security deed, contract for deed, land sales contract, lease intendedas security, assignment of lease or rents intended as security, pledge of anownership interest in an association, and any other consensual lien or titleretention contract intended as security for an obligation.
"Special declarant rights" means rights reserved for the benefit of adeclarant to: (i) complete improvements described in the public offeringstatement pursuant to subdivision A 2 of § 55-478; (ii) exercise anydevelopment right pursuant to § 55-446; (iii) maintain sales offices,management offices, signs advertising the cooperative, and models; (iv) useeasements through the common elements for the purpose of making improvementswithin the cooperative or within real estate which may be added to thecooperative; (v) make the cooperative part of a larger cooperative or groupof cooperatives; (vi) make the cooperative subject to a master association asspecified in § 55-456; or (vii) appoint or remove any officer of theassociation, any master association or any executive board member during anyperiod of declarant control.
"Time share" means a right to occupy a unit or any of several units duringfive or more separated time periods over a period of at least five years,including renewal options, whether or not coupled with an estate or interestin a cooperative or a specified portion thereof.
"Unit" means a physical portion of the cooperative designated for separateoccupancy under a proprietary lease.
When used in this chapter or in the declaration and bylaws, unlessspecifically provided otherwise or the context requires a different meaning,the following terms shall have the meanings respectively set forth:
"Affiliate of a declarant" means any person who controls, is controlled by,or is under common control with a declarant. A person "controls" adeclarant if the person (i) is a general partner, officer, director oremployer of the declarant; (ii) directly or indirectly or acting in concertwith one or more other persons, or through one or more subsidiaries, owns,controls, holds with power to vote, or holds proxies representing, more than20 percent of the voting interest in the declarant; (iii) controls in anymanner the election of a majority of the directors of the declarant; or (iv)has contributed more than 20 percent of the capital of the declarant. Aperson "is controlled by" a declarant if the declarant (i) is a generalpartner, officer, director or employer of the person; (ii) directly orindirectly or acting in concert with one or more persons, or through one ormore subsidiaries, owns, controls, holds with power to vote, or holds proxiesrepresenting, more than 20 percent of the voting interest in the person;(iii) controls in any manner the election of a majority of the directors ofthe person; or (iv) has contributed more than 20 percent of the capital ofthe person. Control does not exist if the powers described in this paragraphare held solely as security for an obligation and are not exercised.
"Allocated interests" means the common expense liability and the ownershipinterest and votes in the association allocated to each cooperative interest.
"Association" or "proprietary lessees' association" means the proprietarylessees' association organized under § 55-458.
"Capital components" means those items, whether or not a part of the commonelements, for which the association has the obligation for repair,replacement, or restoration and for which the executive board determinesfunding is necessary.
"Common elements" means all portions of a cooperative other than the units.
"Common expenses" means expenditures made by or financial liabilities ofthe association, together with any allocations to reserves.
"Common expense liability" means liability for common expenses allocatedto each cooperative interest pursuant to § 55-444.
"Conversion building" means a building that at any time before creation ofthe cooperative was occupied wholly or partially by persons other thanpurchasers and persons who occupy with the consent of purchasers.
"Cooperative" means real estate owned by an association, each of themembers of which is entitled, by virtue of his ownership interest in theassociation, to exclusive possession of a unit.
"Cooperative interest" means an ownership interest in the associationcoupled with a possessory interest in a unit under a proprietary lease. Forpurposes of this act, a declarant is treated as the owner of any cooperativeinterests or potential cooperative interests to which allocated interestshave been allocated pursuant to § 55-444 until that cooperative interest hasbeen created and conveyed to another person.
"Declarant" means any person or group of persons acting in concert who (i)as part of a common promotional plan, offers to dispose of his or itscooperative interest not previously disposed of; (ii) reserves or succeeds toany special declarant right; or (iii) applies for registration of acooperative under Article 5 (§ 55-496 et seq.) of this chapter.
"Declaration" means any instruments, however denominated, that create acooperative and any amendments to those instruments.
"Development rights" means any right or combination of rights reserved by adeclarant in the declaration to (i) add real estate to a cooperative; (ii)create units, common elements, or limited common elements within acooperative; (iii) subdivide units or convert units into common elements; or(iv) withdraw real estate from a cooperative.
"Dispose" or "disposition" means a voluntary transfer to a purchaser ofany legal or equitable interest in a cooperative interest, but does notinclude the transfer or release of a security interest.
"Executive board" means the body, regardless of name, designated in thedeclaration to act on behalf of the association.
"Identifying number" means a symbol or address that identifies only oneunit in a cooperative.
"Leasehold cooperative" means a cooperative in which all or a portion ofthe real estate is subject to a lease, the expiration or termination of whichwill terminate the cooperative or reduce its size.
"Limited common element" means a portion of the common elements allocatedby the declaration or by operation of § 55-439 paragraph 2 or 4 for theexclusive use of one or more but fewer than all of the units.
"Master association" means an organization described in § 55-456, whetheror not it is also an association described in § 55-458.
"Offering" means any advertisement, inducement, solicitation or attempt toencourage any person to acquire any interest in a cooperative interest, otherthan as security for an obligation. An advertisement in a newspaper or otherperiodical of general circulation, or in any broadcast medium to the generalpublic, of a cooperative not located in the Commonwealth, is not an offeringif the advertisement states that an offering may be made only in compliancewith the law of the jurisdiction in which the cooperative is located.
"Person" means a natural person, corporation, business trust, estate,trust, partnership, association, joint venture, government, governmentalsubdivision or agency, or any other legal or commercial entity. In the caseof a land trust, however, "person" means the beneficiary of the trustrather than the trust or the trustee.
"Proprietary lease" means an agreement with the association pursuant towhich a proprietary lessee has a possessory interest in a unit.
"Proprietary lessee" means a person who owns a cooperative interest, otherthan as security for an obligation, and the declarant with respect tocooperative interests or potential cooperative interests to which allocatedinterests have been allocated pursuant to § 55-444 until that cooperativeinterest has been created and conveyed to another person.
"Purchaser" means any person, other than a declarant or a person in thebusiness of selling cooperative interests for his own account, who by meansof a voluntary transfer acquires or contracts to acquire a cooperativeinterest other than as security for an obligation.
"Real estate" means any leasehold or other estate or interest in, over orunder land, including structures, fixtures, and other improvements andinterests which by custom, usage or law pass with a conveyance of land thoughnot described in the contract of sale or instrument of conveyance. "Realestate" includes parcels with or without upper or lower boundaries, andspaces that may be filled with air or water.
"Residential purposes" means use for dwelling or recreational purposes, orboth.
"Security interest" means an interest in real or personal property, createdby contract or conveyance, which secures payment or performance of anobligation. "Security interest" includes a mortgage, deed of trust, trustdeed, security deed, contract for deed, land sales contract, lease intendedas security, assignment of lease or rents intended as security, pledge of anownership interest in an association, and any other consensual lien or titleretention contract intended as security for an obligation.
"Special declarant rights" means rights reserved for the benefit of adeclarant to: (i) complete improvements described in the public offeringstatement pursuant to subdivision A 2 of § 55-478; (ii) exercise anydevelopment right pursuant to § 55-446; (iii) maintain sales offices,management offices, signs advertising the cooperative, and models; (iv) useeasements through the common elements for the purpose of making improvementswithin the cooperative or within real estate which may be added to thecooperative; (v) make the cooperative part of a larger cooperative or groupof cooperatives; (vi) make the cooperative subject to a master association asspecified in § 55-456; or (vii) appoint or remove any officer of theassociation, any master association or any executive board member during anyperiod of declarant control.
"Time share" means a right to occupy a unit or any of several units duringfive or more separated time periods over a period of at least five years,including renewal options, whether or not coupled with an estate or interestin a cooperative or a specified portion thereof.
"Unit" means a physical portion of the cooperative designated for separateoccupancy under a proprietary lease.
When used in this chapter or in the declaration and bylaws, unlessspecifically provided otherwise or the context requires a different meaning,the following terms shall have the meanings respectively set forth:
"Affiliate of a declarant" means any person who controls, is controlled by,or is under common control with a declarant. A person "controls" adeclarant if the person (i) is a general partner, officer, director oremployer of the declarant; (ii) directly or indirectly or acting in concertwith one or more other persons, or through one or more subsidiaries, owns,controls, holds with power to vote, or holds proxies representing, more than20 percent of the voting interest in the declarant; (iii) controls in anymanner the election of a majority of the directors of the declarant; or (iv)has contributed more than 20 percent of the capital of the declarant. Aperson "is controlled by" a declarant if the declarant (i) is a generalpartner, officer, director or employer of the person; (ii) directly orindirectly or acting in concert with one or more persons, or through one ormore subsidiaries, owns, controls, holds with power to vote, or holds proxiesrepresenting, more than 20 percent of the voting interest in the person;(iii) controls in any manner the election of a majority of the directors ofthe person; or (iv) has contributed more than 20 percent of the capital ofthe person. Control does not exist if the powers described in this paragraphare held solely as security for an obligation and are not exercised.
"Allocated interests" means the common expense liability and the ownershipinterest and votes in the association allocated to each cooperative interest.
"Association" or "proprietary lessees' association" means the proprietarylessees' association organized under § 55-458.
"Capital components" means those items, whether or not a part of the commonelements, for which the association has the obligation for repair,replacement, or restoration and for which the executive board determinesfunding is necessary.
"Common elements" means all portions of a cooperative other than the units.
"Common expenses" means expenditures made by or financial liabilities ofthe association, together with any allocations to reserves.
"Common expense liability" means liability for common expenses allocatedto each cooperative interest pursuant to § 55-444.
"Conversion building" means a building that at any time before creation ofthe cooperative was occupied wholly or partially by persons other thanpurchasers and persons who occupy with the consent of purchasers.
"Cooperative" means real estate owned by an association, each of themembers of which is entitled, by virtue of his ownership interest in theassociation, to exclusive possession of a unit.
"Cooperative interest" means an ownership interest in the associationcoupled with a possessory interest in a unit under a proprietary lease. Forpurposes of this act, a declarant is treated as the owner of any cooperativeinterests or potential cooperative interests to which allocated interestshave been allocated pursuant to § 55-444 until that cooperative interest hasbeen created and conveyed to another person.
"Declarant" means any person or group of persons acting in concert who (i)as part of a common promotional plan, offers to dispose of his or itscooperative interest not previously disposed of; (ii) reserves or succeeds toany special declarant right; or (iii) applies for registration of acooperative under Article 5 (§ 55-496 et seq.) of this chapter.
"Declaration" means any instruments, however denominated, that create acooperative and any amendments to those instruments.
"Development rights" means any right or combination of rights reserved by adeclarant in the declaration to (i) add real estate to a cooperative; (ii)create units, common elements, or limited common elements within acooperative; (iii) subdivide units or convert units into common elements; or(iv) withdraw real estate from a cooperative.
"Dispose" or "disposition" means a voluntary transfer to a purchaser ofany legal or equitable interest in a cooperative interest, but does notinclude the transfer or release of a security interest.
"Executive board" means the body, regardless of name, designated in thedeclaration to act on behalf of the association.
"Identifying number" means a symbol or address that identifies only oneunit in a cooperative.
"Leasehold cooperative" means a cooperative in which all or a portion ofthe real estate is subject to a lease, the expiration or termination of whichwill terminate the cooperative or reduce its size.
"Limited common element" means a portion of the common elements allocatedby the declaration or by operation of § 55-439 paragraph 2 or 4 for theexclusive use of one or more but fewer than all of the units.
"Master association" means an organization described in § 55-456, whetheror not it is also an association described in § 55-458.
"Offering" means any advertisement, inducement, solicitation or attempt toencourage any person to acquire any interest in a cooperative interest, otherthan as security for an obligation. An advertisement in a newspaper or otherperiodical of general circulation, or in any broadcast medium to the generalpublic, of a cooperative not located in the Commonwealth, is not an offeringif the advertisement states that an offering may be made only in compliancewith the law of the jurisdiction in which the cooperative is located.
"Person" means a natural person, corporation, business trust, estate,trust, partnership, association, joint venture, government, governmentalsubdivision or agency, or any other legal or commercial entity. In the caseof a land trust, however, "person" means the beneficiary of the trustrather than the trust or the trustee.
"Proprietary lease" means an agreement with the association pursuant towhich a proprietary lessee has a possessory interest in a unit.
"Proprietary lessee" means a person who owns a cooperative interest, otherthan as security for an obligation, and the declarant with respect tocooperative interests or potential cooperative interests to which allocatedinterests have been allocated pursuant to § 55-444 until that cooperativeinterest has been created and conveyed to another person.
"Purchaser" means any person, other than a declarant or a person in thebusiness of selling cooperative interests for his own account, who by meansof a voluntary transfer acquires or contracts to acquire a cooperativeinterest other than as security for an obligation.
"Real estate" means any leasehold or other estate or interest in, over orunder land, including structures, fixtures, and other improvements andinterests which by custom, usage or law pass with a conveyance of land thoughnot described in the contract of sale or instrument of conveyance. "Realestate" includes parcels with or without upper or lower boundaries, andspaces that may be filled with air or water.
"Residential purposes" means use for dwelling or recreational purposes, orboth.
"Security interest" means an interest in real or personal property, createdby contract or conveyance, which secures payment or performance of anobligation. "Security interest" includes a mortgage, deed of trust, trustdeed, security deed, contract for deed, land sales contract, lease intendedas security, assignment of lease or rents intended as security, pledge of anownership interest in an association, and any other consensual lien or titleretention contract intended as security for an obligation.
"Special declarant rights" means rights reserved for the benefit of adeclarant to: (i) complete improvements described in the public offeringstatement pursuant to subdivision A 2 of § 55-478; (ii) exercise anydevelopment right pursuant to § 55-446; (iii) maintain sales offices,management offices, signs advertising the cooperative, and models; (iv) useeasements through the common elements for the purpose of making improvementswithin the cooperative or within real estate which may be added to thecooperative; (v) make the cooperative part of a larger cooperative or groupof cooperatives; (vi) make the cooperative subject to a master association asspecified in § 55-456; or (vii) appoint or remove any officer of theassociation, any master association or any executive board member during anyperiod of declarant control.
"Time share" means a right to occupy a unit or any of several units duringfive or more separated time periods over a period of at least five years,including renewal options, whether or not coupled with an estate or interestin a cooperative or a specified portion thereof.
"Unit" means a physical portion of the cooperative designated for separateoccupancy under a proprietary lease.
