HARRY HUGHES, Governor

3265

(M) "MEMBERSHIP CERTIFICATE" MEANS:

(1)  A DOCUMENT, INCLUDING A STOCK CERTIFICATE ISSUED
BY A COOPERATIVE HOUSING CORPORATION, EVIDENCING OWNERSHIP OF A
COOPERATIVE INTEREST; OR

(2)  IF THERE IS NO OTHER DOCUMENT WHICH SATISFIES
PARAGRAPH (1) OF THIS SUBSECTION, A PROPRIETARY LEASE.

(N) "MOVING EXPENSES" MEANS COSTS INCURRED TO:

(1)  HIRE CONTRACTORS, LABOR, TRUCKS, OR EQUIPMENT FOR
THE TRANSPORTATION OF PERSONAL PROPERTY;

(2)  PACK AND UNPACK PERSONAL PROPERTY;

(3)  DISCONNECT AND INSTALL PERSONAL PROPERTY;

(4)  INSURE PERSONAL PROPERTY TO BE MOVED; AND

(5)  DISCONNECT AND RECONNECT UTILITIES SUCH AS
TELEPHONE SERVICE, GAS, WATER, AND ELECTRICITY.

(O) (1) "PROPRIETARY LEASE" MEANS AN AGREEMENT WITH THE
COOPERATIVE HOUSING CORPORATION UNDER WHICH A MEMBER HAS AN
EXCLUSIVE POSSESSORY INTEREST IN A UNIT AND A POSSESSORY INTEREST
IN COMMON WITH OTHER MEMBERS IN THAT PORTION OF A COOPERATIVE
PROJECT NOT CONSTITUTING UNITS AND WHICH CREATES A LEGAL
RELATIONSHIP OF LANDLORD AND TENANT BETWEEN THE COOPERATIVE
HOUSING CORPORATION AND THE MEMBER, RESPECTIVELY.

(2) "PROPRIETARY LEASE" INCLUDES, IF THERE IS NO
OTHER DOCUMENT THAT SATISFIES PARAGRAPH (1) OF THIS SUBSECTION, A
MEMBERSHIP CERTIFICATE.

(P) "RESIDENTIAL RENTAL FACILITY" MEANS PROPERTY CONTAINING
AT LEAST 10 DWELLING UNITS LEASED FOR RESIDENTIAL PURPOSES.

(Q) "UNIT" MEANS A PORTION OF THE COOPERATIVE PROJECT
LEASED FOR EXCLUSIVE OCCUPANCY BY A MEMBER UNDER A PROPRIETARY
LEASE.

5-6B-02.

(A) A CONTRACT FOR THE INITIAL SALE OF A COOPERATIVE
INTEREST TO A MEMBER OF THE PUBLIC FOR RESIDENTIAL USE IS NOT
ENFORCEABLE AGAINST THE INITIAL PURCHASER UNLESS:

(1)  THE INITIAL PURCHASER IS GIVEN AT OR BEFORE THE
TIME A CONTRACT IS ENTERED INTO BETWEEN THE DEVELOPER AND THE
INITIAL PURCHASER, A PUBLIC OFFERING STATEMENT CONTAINING ALL OF
THE INFORMATION REQUIRED BY THIS SECTION; AND

(2)  THE CONTRACT CONTAINS, IN CONSPICUOUS TYPE, A
NOTICE OF THE INITIAL PURCHASER'S RIGHT TO RECEIVE A PUBLIC