A. The Common Interest Community Board, after providing notice stating the deficiency complained of and holding a hearing, may issue an order revoking the registration of a cooperative upon determination that a declarant or any officer or principal of a declarant has:
1. Failed to comply with a cease and desist order issued by the Common Interest Community Board affecting that cooperative;
2. Concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of cooperative interests in that cooperative;
3. Failed to perform any stipulation or agreement made to induce the Common Interest Community Board to issue an order relating to that cooperative;
4. Intentionally misrepresented or failed to disclose a material fact in the application for registration; or
5. Failed to meet any of the conditions described in §§ 55.1-2176 and 55.1-2177 necessary to qualify for registration.
B. Without the consent of the Common Interest Community Board, a declarant shall not convey, cause to be conveyed, or contract for the conveyance of any cooperative interest while an order revoking the registration of the cooperative is in effect.
C. In appropriate cases, the Common Interest Community Board may issue a cease and desist order in lieu of an order of revocation.
1982, c. 277, § 55-501; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 21 - Virginia Real Estate Cooperative Act
§ 55.1-2102. Variation by agreement
§ 55.1-2103. Property classification of cooperative interests; taxation
§ 55.1-2104. Applicability of local ordinances, regulations, and building codes; local authority
§ 55.1-2106. General principles of law applicable
§ 55.1-2107. Construction against implicit repeal
§ 55.1-2108. Uniformity of application and construction
§ 55.1-2109. Unconscionable agreement or term of contract
§ 55.1-2110. Obligation of good faith
§ 55.1-2111. Remedies to be liberally administered
§ 55.1-2112. Creation of cooperative ownership
§ 55.1-2114. Construction and validity of declaration and bylaws
§ 55.1-2115. Description of units
§ 55.1-2116. Contents of declaration
§ 55.1-2117. Leasehold cooperatives
§ 55.1-2118. Allocation of ownership interests, votes, and common expense liabilities
§ 55.1-2119. Limited common elements
§ 55.1-2120. Exercise of development rights
§ 55.1-2121. Alterations of units
§ 55.1-2122. Relocation of boundaries between adjoining units
§ 55.1-2123. Subdivision of units
§ 55.1-2124. Easement for encroachments
§ 55.1-2125. Use for sales purposes
§ 55.1-2127. Amendment of declaration
§ 55.1-2128. Termination of cooperative ownership
§ 55.1-2129. Rights of secured lenders
§ 55.1-2130. Master associations
§ 55.1-2131. Merger or consolidation of cooperatives
§ 55.1-2132. Organization of the association
§ 55.1-2133. Powers of the association
§ 55.1-2133.1. Installation of solar energy collection devices
§ 55.1-2134. Executive board members and officers
§ 55.1-2135. Transfer of special declarant rights
§ 55.1-2136. Termination of contracts and leases of declarant
§ 55.1-2138. Upkeep of cooperative
§ 55.1-2139. Common elements; notice of pesticide application
§ 55.1-2139.1. Electric vehicle charging stations permitted
§ 55.1-2143. Tort and contract liability
§ 55.1-2144. Conveyance or encumbrance of the cooperative
§ 55.1-2146. Assessments for common expenses
§ 55.1-2147. Annual budget; reserves for capital components
§ 55.1-2148. Remedies for nonpayment of assessments
§ 55.1-2149. Other liens affecting the cooperative
§ 55.1-2150. Limitation of assumption of debt and encumbrances
§ 55.1-2151. Association records
§ 55.1-2152. Association as trustee
§ 55.1-2153. Applicability; waiver
§ 55.1-2154. Liability for public offering statement; requirements
§ 55.1-2155. Public offering statement; general provisions
§ 55.1-2156. Public offering statement; cooperatives subject to development rights
§ 55.1-2157. Public offering statement; time-shares
§ 55.1-2158. Public offering statement; cooperatives containing conversion building
§ 55.1-2159. Public offering statement; cooperative securities
§ 55.1-2160. Purchaser's right to cancel
§ 55.1-2161. Resales of cooperative interests
§ 55.1-2162. Escrow of deposits
§ 55.1-2164. Conversion buildings
§ 55.1-2165. Express warranties of quality
§ 55.1-2166. Implied warranties of quality
§ 55.1-2167. Exclusion or modification of implied warranties of quality
§ 55.1-2168. Statute of limitations for warranties
§ 55.1-2169. Effect of violation on rights of action; attorney fees; arbitration of disputes
§ 55.1-2170. Labeling of promotional material
§ 55.1-2171. Declarant's obligation to complete and restore
§ 55.1-2172. Substantial completion of units
§ 55.1-2173. Common Interest Community Board
§ 55.1-2174. General powers and duties of the Common Interest Community Board
§ 55.1-2175. Registration required
§ 55.1-2176. Application for registration; approval of uncompleted unit
§ 55.1-2177. Receipt of application; order or registration
§ 55.1-2178. Cease and desist order
§ 55.1-2179. Revocation of registration
§ 55.1-2180. Investigative powers of the Common Interest Community Board
§ 55.1-2181. Annual report and amendments
§ 55.1-2182. Annual report by associations
§ 55.1-2183. Common Interest Community Board regulation of public offering statement