Code of Virginia § 55.1-2129. Rights of secured lenders.
111 words·~1 min read·
/va/title-55-1/chapter-21/55-1-2129·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The declaration may require that all or a specified number or percentage of the lenders holding security interests encumbering the cooperative interests approve specified actions of the proprietary lessees or the association as a condition to the effectiveness of those actions, but no requirement for approval shall operate to
(i)deny or delegate control over the general administrative affairs of the association by the proprietary lessees or the executive board;
(ii)prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or
(iii)receive and distribute any insurance proceeds except pursuant to § 55.1-2145 .
1982, c. 277, § 55-455; 2019, c. 712 .