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. 1982, c. 277, § 55-476; 2019, c. 712.
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