The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 11 V.S.A. § 1601)
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§ 1601. Offering of cooperative interests; subscription agreement; disclosures required
(a) In conjunction with the offering of cooperative interests to prospective members,
a cooperative housing corporation, or other persons or entities seeking to establish
a cooperative housing corporation, or the owner of a cooperative interest seeking
to sell that interest, shall provide to all prospective purchasers a copy of the proposed
or adopted articles of incorporation and bylaws of the cooperative housing corporation,
a subscription agreement or sales agreement, a proposed proprietary lease, and the
most current corporate financial statements, if any exist.
(b) The subscription agreement or sales agreement shall contain provisions detailing the
cost of acquisition of a cooperative interest, the rights and privileges of membership
in the cooperative housing corporation, and terms and conditions of occupancy of a
unit in the cooperative housing corporation; provisions, if any, under which the subscription
agreement or sales agreement is subordinated to other agreements or otherwise encumbered;
provisions for cancellation of the agreement by either party; and a legally sufficient
description of the property.
(c) The subscription agreement or sales agreement shall contain provisions detailing the
risks of acquisition of a cooperative interest including risks resulting from failure
of all units to be occupied.
(d) The subscriber or purchaser shall have a right to cancel the subscription agreement
or sales agreement without penalty, upon provision of written notice to the offeror
within 10 days of the date of signing the agreement. In the event of such cancellation,
all monies paid by the subscriber or purchaser to the offeror shall be returned to
the subscriber or purchaser within 14 days of receipt of the notice of cancellation
by the offeror. The offeror shall inform the subscriber or purchaser in writing of
their right of cancellation. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988; amended 2023, No. 85 (Adj. Sess.), § 32, eff. July 1, 2024.)