§ 4207. Allocation of ownership interests, votes and common expense liabilities
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 68 Pa.C.S.A. Real and Personal Property
68 Pa.C.S.A. § 4207
§ 4207. Allocation of ownership interests, votes and common expense liabilities
(a) General rule.--The declaration shall allocate an ownership interest in the association and a portion of the votes in the association to each cooperative interest in the cooperative and shall state the formulas used to establish those allocations. Those allocations may not discriminate in favor of cooperative interests owned by the declarant or an affiliate of the declarant. Such formulas may take into account unusual attributes of identified units if the formulas state how the deviation from the normal rule applies to such units.
A declarant may not utilize cumulative or class voting for the purpose of evading any limitation imposed on declarants by this subpart, nor may cooperative interests constitute a class because they are owned by a declarant.
(d) Calculations for undivided interests.--Except for minor variations due to rounding, the sum of the common expense liabilities allocated at any time to all the cooperative interests must equal one if stated as a fraction or 100% if stated as a percentage. In the event of a discrepancy between an allocated interest and the result derived from application of the pertinent formula, the allocated interest prevails.
Credits
1992, Dec. 18, P.L. 1426, No. 176, § 1, effective in 60 days.
68 Pa.C.S.A. § 4207, PA ST 68 Pa.C.S.A. § 4207
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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