1. A. This article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.

2. B. Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:

   1. 1. A gratuitous disposition of a cooperative interest;
   2. 2. A disposition pursuant to court order;
   3. 3. A disposition by a government or governmental agency;
   4. 4. A disposition by foreclosure or transfer in lieu of foreclosure;
   5. 5. A disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or
   6. 6. A disposition that may be canceled at any time and for any reason by the purchaser without penalty.

1982, c. 277, § 55-476; 2019, c. 712.