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Government Code §66452.10. Condo
Conversions
A
stock cooperative, as defined in Section 11003.2 of the Business and
Professions Code, or a community
apartment project, as defined in Section 11004 of the Business and
Professions Code, shall not be
converted to a condominium, as defined in
Section 783 of the Civil
Code, unless the required number
of (1) owners and (2) trustees or beneficiaries of each recorded deed of
trust and mortgagees of each recorded mortgage in the cooperative or
project, as specified in the bylaws, or other organizational documents, have
voted in favor of the conversion. If the bylaws or other organizational
documents do not expressly specify the number of votes required to approve
the conversion, a majority vote of the (1) owners and (2) trustees or
beneficiaries of each recorded deed of trust and mortgagees of each recorded
mortgage in the cooperative or project shall be required. Upon approval of
the conversion as set forth above and in compliance with subdivision (e) of
Section 1351 of the Civil
Code,
all conveyances and other documents necessary to effectuate the conversion
shall be executed by the required number of owners in the cooperative or
project as specified in the bylaws or other organizational documents. If the
bylaws or other organizational documents do not expressly specify the number
of owners necessary to execute the conveyances or other documents, a
majority of owners in the cooperative or project shall be required to
execute the conveyances and other documents. Conveyances and other documents
executed under the foregoing provisions shall be binding upon and affect the
interests of all parties in the cooperative or project. The provisions of
Section 66499.31 shall not apply to a violation of this section.
Updated by ADAMS KESSLER 6/30/2008 | |
