State Codes and Statutes
Statutes > Virginia > Title-55 > Chapter-24 > 55-476§ 55-476. Applicability; waiver.
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 ofpurchasers of cooperative interests in a cooperative in which all units arerestricted to nonresidential use.
B. Neither a public offering statement nor a resale certificate need beprepared 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 interestswho intends to offer those cooperative interests to purchasers; or
6. A disposition that may be canceled at any time and for any reason by thepurchaser without penalty.
(1982, c. 277.)
