Report Title:

Condominiums; Cooperative Housing Corporations

Description:

Grants right of first refusal of fee interest in a leasehold condominium or cooperative housing corporation to a non-offering co-owner or co-lessor before lessees.

HOUSE OF REPRESENTATIVES

H.B. NO.

884

TWENTY-THIRD LEGISLATURE, 2005

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to condominiums and cooperative housing corporations.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 514C-8, Hawaii Revised Statutes, is amended to read as follows:

"§514C-8 Exception. This part shall not apply if the land under the condominium project or cooperative housing corporation subject to a leased fee interest [is]:

(1) Is part of a larger tract of land and the lessor will not agree to sell the leased fee interest in the land in parts[.]; or

(2) Has a co-owner or co-lessor that is not a party to the offer to sell the leased fee interest, in which case, the right of first refusal shall be first tendered to that co-owner or co-lessor. If the co-owner or co-lessor does not exercise the right of first refusal within the same time limits contained in section 514C-5, then the procedures of this part shall apply with regard to the rights of the association of apartment owners or cooperative housing corporation."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________