No fee owner of any residential lot under lease shall sell the leased fee interest to the lot to any third party unless the fee owner has first given a written thirty-day notice to the lessee and the corporation of such intention.

[L 1967, c 307, §42; HRS §516-69; gen ch 1985; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]