4201 - Creation of cooperative ownership.
CHAPTER 42 CREATION, ALTERATION AND TERMINATION OF COOPERATIVES Sec. 4201. Creation of cooperative ownership. 4202. Unit boundaries. 4203. Construction and validity of declaration and bylaws. 4204. Description of units. 4205. Contents of declaration. 4206. Leasehold cooperatives. 4207. Allocation of ownership interests, votes and common expense liabilities. 4208. Limited common elements. 4209. Exercise of development rights. 4210. Alterations of units. 4211. Relocation of boundaries between adjoining units. 4212. Subdivision of units. 4213. Easement for encroachments. 4214. Declarant's office, models and signs. 4215. Easement rights. 4216. Amendment of declaration. 4217. Termination of cooperative ownership. 4218. Rights of secured lenders and secured creditors. 4219. Master associations. 4220. Merger or consolidation of cooperatives. 4221. Method for transferring a cooperative interest. Enactment. Chapter 42 was added December 18, 1992, P.L.1426, No.176, effective in 60 days. § 4201. Creation of cooperative ownership. (a) General rule.--A cooperative may be created pursuant to this subpart only by either of the following: (1) Recording a declaration executed in the same manner as a deed and subsequently recording an instrument that conveys or leases to the association the real estate that is to be included in the cooperative, which conveyance or lease is subject to the declaration. (2) Recording an instrument conveying or leasing to the association the real estate to be included in the cooperative, which instrument also includes all provisions required to be in a declaration by section 4205 (relating to contents of declaration) and which instrument shall then be deemed to be a declaration for all purposes of this subpart. (b) Execution of instrument.--The instrument by which the conveyance or lease to the association of the real estate to be in the cooperative is to be effected shall be executed and acknowledged by the association as well as by all persons having an interest in the real estate to be included in the cooperative and whose interest is being conveyed to or subjected to a lease in favor of the association. (c) Recording instruments.--The declaration and any separate instrument of conveyance or lease of the real estate to the association must be recorded in every county in which any portion of the cooperative is located and must be indexed in the grantee's index in the name of the cooperative and the association and in the grantor's index in the name of every person executing the declaration and such separate instrument. Cross References. Section 4201 is referred to in sections 4102, 4301 of this title.