Civil Code - CIV
DIVISION 4. GENERAL PROVISIONS [3274 - 9566]
( Heading of Division 4 amended by Stats. 1988, Ch. 160, Sec. 16. ) PART 5. Common Interest Developments [4000 - 6150]
( Part 5 added by Stats. 2012, Ch. 180, Sec. 2. ) CHAPTER 1. General Provisions [4000 - 4190]
( Chapter 1 added by Stats. 2012, Ch. 180, Sec. 2. ) ARTICLE 2. Definitions [4075 - 4190]
( Article 2 added by Stats. 2012, Ch. 180, Sec. 2. ) 4190.
(a) “Stock cooperative” means a development in which a corporation is formed or availed of, primarily for the purpose of holding title to, either in fee simple or for a term of years, improved real property, and all or substantially all of the shareholders of the corporation receive a right of exclusive occupancy in a portion of the real property, title to which is held by the corporation. The owners’ interest in the corporation, whether evidenced by a share of
stock, a certificate of membership, or otherwise, shall be deemed to be an interest in a common interest development and a real estate development for purposes of subdivision (f) of Section 25100 of the Corporations Code.
(b) A “stock cooperative” includes a limited equity housing cooperative which is a stock cooperative that meets the criteria of Section 817.
(Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)