California Civil Code

§ 6566

CIV § 6566 Effective Jan 1, 2014Div. 4 · Part 5.3 · Ch. 1 · Art. 2

Statute text

“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.

Legislative history

Added by Stats. 2013, Ch. 605, Sec. 21. (SB 752) Effective January 1, 2014.