CODE OF VIRGINIA

APPLICABILITY; WAIVER (§ 55-476)

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.

HISTORY: 1982, c. 277.