55-480 - Public offering statement; time shares. - Virginia Statutes

§ 55-480. Public offering statement; time shares.

If the declaration provides that ownership of cooperative interests oroccupancy of any units is or may be in time shares, the public offeringstatement shall disclose, in addition to the information required by § 55-478:

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 theenforceability of the association's lien for assessments provided in § 55-473.

(1982, c. 277.)