A. In the event that all of the units in the condominium have been disposed of, and that all periods for conversion or expansion have expired, the agency shall issue an order terminating the registration of the condominium.
B. Notwithstanding any other provision of this chapter, the agency may administratively terminate the registration of a condominium if:
1. The declarant has not filed an annual report in accordance with § 55-79.93 for three or more consecutive years; or
2. The declarant’s registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.
History
2012, cc. 481, 797.
