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.\nB. Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:\n1. A gratuitous disposition of a cooperative interest;\n2. A disposition pursuant to court order;\n3. A disposition by a government or governmental agency;\n4. A disposition by foreclosure or transfer in lieu of foreclosure;\n5. A disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or\n6. A disposition that may be canceled at any time and for any reason by the purchaser without penalty.\n1982, c. 277, § 55-476; 2019, c. 712.
Virginia Legal Code