HARRY HUGHES, Governor

3261

(A)  (1) EXCEPT. AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, THIS SUBTITLE IS APPLICABLE TO ALL COOPERATIVE
HOUSING CORPORATIONS.

(2) THE ARTICLES OF INCORPORATION, BYLAWS, MEMBERSHIP
CERTIFICATES, OR PROPRIETARY LEASES OF A COOPERATIVE HOUSING
CORPORATION ESTABLISHED BEFORE JULY 1,1986 NEED NOT BE AMENDED TO
COMPLY WITH THE REQUIREMENTS OF THIS SUBTITLE.

(B)  SECTION 5-6B-02 SHALL APPLY TO THE INITIAL SALE OF
COOPERATIVE INTERESTS BEING OFFERED FOR SALE ON OR AFTER JULY 1,
1986, IF ON THAT DATE, THE DEVELOPER HAS NOT SOLD ANY COOPERATIVE
INTERESTS TO INITIAL PURCHASERS.

(C)  THE PROVISIONS OF §§ 5-6B-02 THROUGH 5-6B-04 AND §§
5-6B-06 THROUGH 5-6B-12 5-6B-11 5-68-12 OF THIS SUBTITLE, ARE NOT
APPLICABLE TO COOPERATIVE HOUSING CORPORATIONS IN WHICH
COOPERATIVE INTERESTS HAVE BEEN SOLD TO INITIAL PURCHASERS PRIOR
TO JULY 1, 1986 IF BY JANUARY 1, 1987, THE DEVELOPER HAS SOLD 75
PERCENT OR MORE OF THE COOPERATIVE INTERESTS TO INITIAL
PURCHASERS.

(D) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, THE NOTICE REQUIRED BY § 5-6B-05 SHALL BE GIVEN TO
ANY TENANT IN POSSESSION OF ANY PORTION OF A RESIDENTIAL RENTAL
FACILITY ON OR AFTER JANUARY 1, 1987.

(2) THE REQUIREMENTS OF PARAGRAPH (1) OF THIS
SUBSECTION DO NOT APPLY TO NONRESIDENTIAL TENANTS.

(E) ANY SECURITY INTEREST IN A COOPERATIVE INTEREST WHICH
IS PERFECTED IN ANY MANNER AND HAS ATTACHED PRIOR TO JULY 1, 1986
SHALL CONTINUE TO BE PERFECTED ON AND AFTER THAT DATE.

(F) (1) A CORPORATION, TRUST, UNINCORPORATED ASSOCIATION,
OR OTHER ENTITY EXISTING ON JULY 1, 1986 THAT DESIRES TO CONFIRM
ITS STATUS AS A COOPERATIVE HOUSING CORPORATION UNDER THIS
SUBTITLE, SHALL FILE A RESOLUTION WITH THE BOARD OF DIRECTORS OR
GOVERNING BODY OF THE ENTITY ELECTING TO CONFIRM THE STATUS.

(2) IF THE ENTITY IS UNINCORPORATED, THE ENTITY SHALL
FILE ORIGINAL ARTICLES OF INCORPORATION REFLECTING ITS STATUS
WITH THE DEPARTMENT OF ASSESSMENTS AND TAXATION.