§ 55-455. Rights of secured lenders
The declaration may require that all or a specified number or percentage of the lenders holding security interests encumbering the cooperative interests approve specified actions of the proprietary lessees or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to (i) deny or delegate control over the general administrative affairs of the association by the proprietary lessees or the executive board, (ii) prevent the association or the executive board from commencing, intervening in or settling any litigation or proceeding, or (iii) receive and distribute any insurance proceeds except pursuant to § 55-470.
(1982, c. 277.)
Sections: Previous 55-448 55-449 55-450 55-451 55-452 55-453 55-454 55-455 55-456 55-457 55-458 55-459 55-460 55-461 55-462 NextLast modified: April 16, 2009