Virginia § 55.1-1981 Termination of registration

Virginia Statutes

§ 55.1-1981 — Termination of registration

Virginia § 55.1-1981

JurisdictionVirginia

Title 55.1Property and Conveyances

Subtitle IVCommon Interest Communities

Ch. 19Virginia Condominium Act

Art. 4Administration of Chapter; Sale, Etc., of Condominium Units

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Bluebook

Va. Code Ann. § 55.1-1981 (2026).

Text

A.In the event that all of the units in the condominium have been disposed of and that all periods for conversion or expansion have expired, the Common Interest Community Board shall issue an order terminating the registration of the condominium.

B.Notwithstanding any other provision of this chapter, the Common Interest Community Board may administratively terminate the registration of a condominium if:

1.The declarant has not filed an annual report in accordance with § 55.1-1979 for three or more consecutive years; or

2.The declarant's registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.

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A. In the event that all of the units in the condominium have been disposed of and that all periods for conversion or expansion have expired, the Common Interest Community Board shall issue an order terminating the registration of the condominium.

B. Notwithstanding any other provision of this chapter, the Common Interest Community Board may administratively terminate the registration of a condominium if:

1. The declarant has not filed an annual report in accordance with § 55.1-1979 for three or more consecutive years; or

2. The declarant's registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.