Code of Virginia § 55.1-2157. Public offering statement; time-shares.

106 words·~1 min read·/va/title-55-1/chapter-21/55-1-2157

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

If the declaration provides that ownership of cooperative interests or occupancy of any units is or may be in time-shares, the public offering statement shall disclose, in addition to the information required by § 55.1-2155 :

1. The number and identity of units in which time-shares may be created;

2. The total number of time-shares that may be created;

3. The minimum duration of any time-shares that may be created; and

4. The extent to which the creation of time-shares will or may affect the enforceability of the association's lien for assessments provided in § 55.1-2149 .

1982, c. 277, § 55-480; 2019, c. 712 .