Virginia Code 55.1-1954: Officers.
A. If the condominium instruments provide that any officer must be a unit owner, then any such officer who disposes of all of his units in fee shall be deemed to have disqualified himself from continuing in office unless the condominium instruments otherwise provide, or unless he acquires or contracts to acquire another unit in the condominium under terms giving him a right of occupancy effective on or before the termination of his right of occupancy under such disposition.
Terms Used In Virginia Code 55.1-1954
- Condominium: means real property, and any incidents to or interests in such real property, lawfully subject to this chapter by the recordation of condominium instruments pursuant to the provisions of this chapter. See Virginia Code 55.1-1900
- Condominium instruments: means , collectively, the declaration, bylaws, and plats and plans recorded pursuant to the provisions of this chapter. See Virginia Code 55.1-1900
- disposition: refers to any voluntary transfer of a legal or equitable interest in a condominium unit to a purchaser, but does not include the transfer or release of security for a debt. See Virginia Code 55.1-1900
- Officer: means any member of the executive board or official of the unit owners' association. See Virginia Code 55.1-1900
- Person: means a natural person, corporation, partnership, association, trust, or other entity capable of holding title to real property, or any combination thereof. See Virginia Code 55.1-1900
- Trustee: A person or institution holding and administering property in trust.
- Unit: means a portion of the condominium designed and intended for individual ownership and use. See Virginia Code 55.1-1900
B. If the condominium instruments provide that any officer must be a unit owner, then notwithstanding the provisions of subdivision 1 of § 55.1-1912, the term “unit owner” in such context shall, unless the condominium instruments otherwise provide, be deemed to include any director, officer, partner in, or trustee of any person that is, either alone or in conjunction with another person, a unit owner. Any officer who would not be eligible to serve as such were he not a director, officer, partner in, or trustee of such a person, shall be deemed to have disqualified himself from continuing in office if he ceases to have any such affiliation with that person, or if that person would itself have been deemed to have disqualified itself from continuing in such office under subsection A were it a natural person holding such office.
1974, c. 416, § 55-79.78; 1991, c. 497; 2002, c. 520; 2019, c. 712.