Report Title:

Condominiums and Cooperative Housing Corporations; First Refusal

Description:

Provides that the co-owner or co-lessor of lands that is not party to any offer to sell a leased fee interest has the right of first refusal to purchase a leased fee interest. (SD1)

THE SENATE

S.B. NO.

1336

TWENTY-THIRD LEGISLATURE, 2005

S.D. 1

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 who 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 Statutory material to be repealed is bracketed and stricken.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 on July 1, 2050.