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. Sal Iaquinto (R-Virginia Beach), Del. Bob Purkey (R-Virginia Beach), Del. Bob Tata (R-Virginia Beach), and Sen. John Cosgrove (R-Chesapeake)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

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. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/22/2009Committee
01/22/2009Presented and ordered printed 098823590
01/22/2009Referred to Committee on General Laws
01/27/2009Assigned GL sub: Housing
01/28/2009Subcommittee recommends reporting
01/29/2009Reported from General Laws (22-Y 0-N) (see vote tally)
02/02/2009Read first time
02/03/2009Read second time and engrossed
02/04/2009Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/04/2009VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/05/2009Constitutional reading dispensed
02/05/2009Referred to Committee on General Laws and Technology
02/18/2009Reported from General Laws and Technology (15-Y 0-N) (see vote tally)
02/20/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/23/2009Read third time
02/23/2009Passed Senate (40-Y 0-N) (see vote tally)
02/28/2009Enrolled
02/28/2009Bill text as passed House and Senate (HB2599ER)
02/28/2009Signed by Speaker
02/28/2009Signed by President
03/27/2009G Approved by Governor-Chapter 221 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0221)