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:
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.
History
1982, c. 277.
