HAR §16-119.3-17. §16-119

3-17 Cooperatives. Cooperative housing projects converting to condominium status must comply with the registration requirements of parts IV and V, as well as other related registration parts of chapter 514B, HRS, this subsection, and as required by the commission. Such projects are not subject to part V(B) of chapter 514B (sales to owner occupants), HRS, and need not provide a broker listing agreement where: (1) One hundred per cent of the shareholders of record prior to the conversion have agreed to the conversion and will be parties to the submission of the property to the condominium property regime; (2) Upon conversion, the developer will not sell or offer to sell the apartments or units to the public and the developer is not able to sell or offer to sell the apartments or units to the public; (3) Existing shareholders and tenants will continue to reside in the apartments or units; and (4) And upon conversion, the existing tenants are permitted to continue their occupancy of the apartments or units. Furthermore, the developer's obligations to update the developer's public report cease upon conveyance of the condominium units to the former cooperative members who have traded their cooperati~e,,.Rhare for condominium units. [Eff MAKit>2026 ] (Auth: HRS §514B-61) (Imp: HRS §§514B-51, 514B-54, 514B-83, 514B-84) 119.3-12 §16-119.4-1 HAWAII ADMINISTRATIVE RULES TITLE 16 DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS CHAPTER 119.4 CONDOMINIUMS - DEVELOPER'S PUBLIC REPORTS