Virginia Real Estate Cooperative Act — Definitions

Virginia Law Code of Virginia Title 55.1. Property and Conveyances Chapter 21. Virginia Real Estate Cooperative Act 8/6/2026 § 55.1-2100 . Definitions. As used in this chapter or in the declaration and bylaws, unless provided otherwise or unless the context requires a different meaning: "Affiliate of a declarant" means any person that controls, is controlled by, or is under common control with a declarant. A person "controls" a declarant if the person (i) is a general partner, officer, director, or employer of the declarant; (ii) directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 20 percent of the voting interest in the declarant; (iii) controls in any manner the election of a majority of the directors of the declarant; or (iv) has contributed more than 20 percent of the capital of the declarant. A person "is controlled by" a declarant if the declarant (a) is a general partner, officer, director, or employer of the person; (b) directly or indirectly or acting in concert with one or more persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 20 percent of the voting interest in the person; (c) controls in any manner the election of a majority of the directors of the person; or (d) has contributed more than 20 percent of the capital of the person. Control does not exist if the powers described in this definition are held solely as security for an obligation and are not exercised. "Allocated interests" means the common expense liability and the ownership interest and votes in the association allocated to each cooperative interest. "Association" or "proprietary lessees' association" means the proprietary lessees' association organized under § 55.1-2132 . "Capital components" means those items, whether or not a part of the common elements, for which the association has the obligation for repair, replacement, or restoration and for which the executive board determines funding is necessary. "Common elements" means all portions of a cooperative other than the units of such cooperative. "Common expenses" means any expenditures made by, or financial liabilities of, the association, together with any allocations to reserves. "Common expense liability" means liability for common expenses allocated to each cooperative interest pursuant to § 55.1-2118 . "Conversion building" means a building that at any time before creation of the cooperative was occupied wholly or partially by persons other than purchasers and persons who occupy with the consent of purchasers. "Cooperative" means real estate owned by an association, each of the members of which is entitled, by virtue of his ownership interest in the association, to exclusive possession of a unit. "Cooperative interest" means an ownership interest in the association coupled with a possessory interest in a unit under a proprietary lease. For purposes of this chapter, a declarant is treated as the owner of any cooperative interests or …

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