55-440 - Construction and validity of declaration and bylaws. - Virginia Statutes

§ 55-440. Construction and validity of declaration and bylaws.

A. All provisions of the declaration and bylaws are severable.

B. The rule against perpetuities may not be applied to defeat any provisionof the declaration, bylaws or rules and regulations adopted pursuant tosubdivision A 1 of § 55-459.

C. In the event of a conflict between the provisions of the declaration andthe bylaws, the declaration prevails except to the extent the declaration isinconsistent with this chapter.

D. Title to a cooperative interest is not rendered unmarketable or otherwiseaffected by reason of an insubstantial failure of the declaration to complywith this chapter. Whether a substantial failure impairs marketability is notaffected by this chapter.

(1982, c. 277.)