(a) Right to transfer. A developer may transfer a membership for a unit under an extended lease after the developer gives:
(1) The tenant with the extended lease notice of the transfer of the membership; and
(2) The purchaser of the membership written disclosure that the unit is under an extended lease required under this chapter.
(b) Continuation of extended lease. If there is a transfer of a membership for a unit under an extended lease, the extended lease continues regardless of cooperative corporate documents that prohibit or restrict occupancy by a person other than the member. (1985 L.M.C., ch. 39, § 1.)