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Creation of cooperative ownership - 68 Pa. Cons. Stat. § 4201

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                                CHAPTER 42
                   CREATION, ALTERATION AND TERMINATION
                             OF COOPERATIVES

     Sec.
     4201.  Creation of cooperative ownership.
     4202.  Unit boundaries.
     4203.  Construction and validity of declaration and bylaws.
     4204.  Description of units.
     4205.  Contents of declaration.
     4206.  Leasehold cooperatives.
     4207.  Allocation of ownership interests, votes and common expense
            liabilities.
     4208.  Limited common elements.
     4209.  Exercise of development rights.
     4210.  Alterations of units.
     4211.  Relocation of boundaries between adjoining units.
     4212.  Subdivision of units.
     4213.  Easement for encroachments.
     4214.  Declarant's office, models and signs.
     4215.  Easement rights.
     4216.  Amendment of declaration.
     4217.  Termination of cooperative ownership.
     4218.  Rights of secured lenders and secured creditors.
     4219.  Master associations.
     4220.  Merger or consolidation of cooperatives.
     4221.  Method for transferring a cooperative interest.

        Enactment.  Chapter 42 was added December 18, 1992, P.L.1426,
     No.176, effective in 60 days.
     § 4201.  Creation of cooperative ownership.
        (a)  General rule.--A cooperative may be created pursuant to
     this subpart only by either of the following:
            (1)  Recording a declaration executed in the same manner
        as a deed and subsequently recording an instrument that
        conveys or leases to the association the real estate that is
        to be included in the cooperative, which conveyance or lease
        is subject to the declaration.
            (2)  Recording an instrument conveying or leasing to the
        association the real estate to be included in the
        cooperative, which instrument also includes all provisions
        required to be in a declaration by section 4205 (relating to
        contents of declaration) and which instrument shall then be
        deemed to be a declaration for all purposes of this subpart.
        (b)  Execution of instrument.--The instrument by which the
     conveyance or lease to the association of the real estate to be
     in the cooperative is to be effected shall be executed and
     acknowledged by the association as well as by all persons having
     an interest in the real estate to be included in the cooperative
     and whose interest is being conveyed to or subjected to a lease
     in favor of the association.
        (c)  Recording instruments.--The declaration and any separate
     instrument of conveyance or lease of the real estate to the
     association must be recorded in every county in which any
     portion of the cooperative is located and must be indexed in the
     grantee's index in the name of the cooperative and the
     association and in the grantor's index in the name of every
     person executing the declaration and such separate instrument.

        Cross References.  Section 4201 is referred to in sections
     4102, 4301 of this title.

Last modified: November 27, 2007