§ 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 of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.
B. Neither a public offering statement nor a resale certificate need be prepared 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 interests who intends to offer those cooperative interests to purchasers; or
6. A disposition that may be canceled at any time and for any reason by the purchaser without penalty.
(1982, c. 277.)
Sections: Previous 55-471 55-471.1 55-472 55-473 55-473.1 55-474 55-475 55-476 55-477 55-478 55-479 55-480 55-481 55-482 55-483 NextLast modified: April 3, 2009