3266

LAWS OF MARYLAND

Ch. 834

OFFERING STATEMENT AND THE RESCISSION RIGHTS PROVIDED UNDER THIS
TITLE.

(B) THE PUBLIC OFFERING STATEMENT SHALL CONTAIN AT LEAST
THE FOLLOWING:

(1)  THE NAME AND ADDRESS OF THE DEVELOPER;

(2)  THE FOLLOWING STATEMENTS:

(I)  A BOUNDARY SURVEY OR METES-AND-BOUNDS
DESCRIPTION OF THE COOPERATIVE PROJECT TOGETHER WITH A LOCATION
SURVEY OF ALL IMPROVEMENTS, INCLUDING RECREATIONAL FACILITIES,
STREETS, AND ROADS, AND A DRAWING OF ANY PROPOSED IMPROVEMENTS
NOT YET CONSTRUCTED WITHIN THE COOPERATIVE PROJECT;

(II)  A STATEMENT OF THE FORM OF OWNERSHIP OF
ALL REAL AND PERSONAL PROPERTY WHICH IS INTENDED BY THE DEVELOPER
TO BE OWNED OR LEASED BY THE COOPERATIVE HOUSING CORPORATION;

(III)  A STATEMENT AS TO WHETHER STREETS
ABUTTING THE COOPERATIVE PROJECT ARE TO BE DEDICATED TO PUBLIC
USE OR MAINTAINED BY THE COOPERATIVE HOUSING CORPORATION;

(IV)  A STATEMENT OF THE PROJECTED COMPLETION
DATES FOR PROPOSED IMPROVEMENTS AND, IN THE CASE OF A CONTRACT
FOR THE INITIAL SALE OF A COOPERATIVE INTEREST IN A COOPERATIVE
HOUSING CORPORATION WHICH HAS NOT YET BEEN FORMED, A STATEMENT OF
THE PROJECTED DATE OF FORMATION;

(V)  A STATEMENT WHETHER AND UNDER WHAT
CONDITIONS UNITS MAY BE SUBLET OR COOPERATIVE INTERESTS SOLD BY
MEMBERS;

(VI)  A DESCRIPTION OF THE VOTING AND OTHER
RIGHTS IN THE COOPERATIVE HOUSING CORPORATION WHICH ATTACH TO A
COOPERATIVE INTEREST AS SUCH RIGHTS ARE DESCRIBED IN SECTION
2-105 OF THIS ARTICLE;

(VII)  AN OPINION, BASED ON STATED FACTUAL
ASSUMPTION, ASSUMPTIONS, AS TO WHETHER THE MEMBERS UNDER CURRENT
LAWS WILL BE ENTITLED TO A PASS-THROUGH OF DEDUCTIONS FROM
FEDERAL AND STATE INCOME TAXES FOR PAYMENTS MADE BY THE
COOPERATIVE HOUSING CORPORATION FOR REAL ESTATE TAXES AND
INTEREST ON THE PROPERTY OF THE COOPERATIVE HOUSING CORPORATION;

(VIII)  A STATEMENT OF THE RIGHTS AND
RESPONSIBILITIES OF MEMBERS REGARDING THE BLANKET ENCUMBRANCE AND
A STATEMENT AS TO THE NATURE AND EXTENT OF ANY PROTECTION TO THE
INITIAL PURCHASER IF THE DEVELOPER OR COOPERATIVE HOUSING
CORPORATION DEFAULTS ON SUCH A BLANKET ENCUMBRANCE AFTER TRANSFER
OR A STATEMENT THAT THERE IS NO SUCH PROTECTION;

(IX)  A STATEMENT THAT A DEPOSIT MADE IN
CONNECTION WITH THE PURCHASE OF A COOPERATIVE INTEREST WILL BE