Real Estate Cooperative Act; amendment of declaration, revival of expired declarant rights. (HB2599)

Introduced By

Del. Barry Knight (R-Virginia Beach) with support from co-patrons Del. John Cosgrove (R-Chesapeake), Del. Sal Iaquinto (R-Virginia Beach), Del. Bob Purkey (R-Virginia Beach), and Del. Bob Tata (R-Virginia Beach)

Description

Real Estate Cooperative Act; amendment of declaration; revival of expired declarant rights. Provides that if the time limit specified in the declaration for the creation of cooperative interests or the exercise of special declarant rights has expired, with the approval of the persons entitled to cast at least two-thirds of the votes in the association, other than any votes allocated to cooperative interests owned by the declarant, or any larger percentage as the declaration specifies, the declaration may be amended to (i) revive and reinstate any or all of the expired rights to create additional cooperative interests and any or all of the expired special declarant rights and(ii) vest in any person, including the original declarant, any or all of the powers, rights, privileges, and authority to which a declarant is entitled under the Act regarding the exercise of the revived and reinstated rights with respect to any parcel of real estate that is a common element or any additional real estate that such amendment permits to be added to the cooperative. In no event, however, shall any such amendment extend or renew a period of declarant control of the association or provide a new period of declarant control. Amends § 55-453 (“Amendment of declaration.”), of the Code of Virginia. View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.