3236                                          LAWS OF MARYLAND                                      Ch. 833

(4)  A COPY OF THE PROJECTED ANNUAL OPERATING BUDGET
FOR THE COOPERATIVE HOUSING CORPORATION INCLUDING, WHERE
APPLICABLE:

(I)  INSURANCE;

(II)  ADMINISTRATION;

(III)  MAINTENANCE;

(IV)  UTILITIES;

(V)  GENERAL EXPENSES;

(VI)  RESERVES;

(VII)  CAPITAL ITEMS;

(VIII)  DEBT SERVICE; AND

(IX)  TAXES; AND

(5)  IF APPLICABLE, A COPY OF THE NOTICE AND MATERIALS
REQUIRED BY SECTION § 5-6B-05 OF THIS SUBTITLE, AND A COPY OF
THE FINANCIAL STANDARDS REQUIRED TO BE ESTABLISHED UNDER §
5-6B-06(A)(2)(I) OF THIS SUBTITLE.

(C)  STATEMENTS REQUIRED IN THIS SECTION MAY BE SUMMARIZED
OR PRODUCED IN A COLLECTION OF DOCUMENTS WHICH EFFECTIVELY
CONVEYS THE REQUIRED INFORMATION TO THE INITIAL PURCHASER.

(D)  THE REQUIREMENTS OF THIS SECTION DO NOT APPLY TO THE
SALE OF ANY COOPERATIVE INTEREST IN A UNIT WHICH IS TO BE USED
AND OCCUPIED FOR NONRESIDENTIAL PURPOSES.

5-6B-03.

(A)  WITHIN 15 DAYS AFTER A CONTRACT IS SIGNED OR A PUBLIC
OFFERING STATEMENT IS RECEIVED, WHICHEVER OCCURS LATER, THE
INITIAL PURCHASER MAY RESCIND, IN WRITING, THE CONTRACT WITHOUT
ANY LIABILITY ON THE INITIAL PURCHASER'S PART, AND SHALL
THEREUPON BE ENTITLED TO THE PROMPT RETURN OF THE DEPOSIT MADE ON
ACCOUNT OF THE CONTRACT.

(B)  (1) AFTER A CONTRACT IS SIGNED AND BEFORE THE ISSUANCE
OF A MEMBERSHIP CERTIFICATE, THE DEVELOPER MUST DELIVER TO THE
INITIAL PURCHASER A COPY OF ANY AMENDMENTS, SUPPLEMENTS, OR
MODIFICATIONS TO THE PUBLIC OFFERING STATEMENT.

(2) THE INITIAL PURCHASER MAY RESCIND, IN WRITING,
THE CONTRACT WITHIN 5 DAYS AFTER RECEIVING ANY OF THE AFORESAID
ITEMS WHICH ARE MATERIAL IN NATURE, WITHOUT ANY LIABILITY ON THE
INITIAL PURCHASER'S PART, AND SHALL BE ENTITLED TO THE RETURN OF
ANY DEPOSIT MADE ON ACCOUNT OF THE CONTRACT.