13.1-814.1 - Special provisions for community associations. - Virginia Statutes

§ 13.1-814.1. Special provisions for community associations.

A. As used in this section, "community association" shall mean acorporation incorporated under this chapter or under former Chapter 2 of thistitle which owns or has under its care, custody or control real estatesubject to a recorded declaration of covenants which obligates a person, byvirtue of ownership of specific real estate, to be a member of thecorporation.

B. Notwithstanding the requirements of §§ 13.1-851, 13.1-852, 13.1-855,13.1-856, 13.1-857, 13.1-858 and 13.1-862, the provisions set forth in thosesections need not be set forth in the articles of incorporation of acommunity association and shall be effective if set forth in the bylaws.

C. Notwithstanding the provisions of §§ 13.1-855, 13.1-856, 13.1-892 and13.1-899, the provisions of the bylaws of any community association inexistence on or before January 1, 1986, shall continue to govern (i) theprocedures for and election of members of the board of directors, (ii) theamendment of the bylaws, (iii) the sale, release, exchange or disposition ofall or substantially all of the corporation's property, whether or not in theusual and regular course of business, and (iv) the corporation's ability tomortgage, pledge, or dedicate to repayment of indebtedness, or otherwiseencumber its property; provided, that the community association may, inaccordance with its current articles of incorporation and bylaws, vote toamend its corporate documents to become subject to §§ 13.1-855, 13.1-856,13.1-892 and 13.1-899.

(1986, c. 532.)