Maine Revised Statutes

§1743. Application

1. Nonprofit.  Cooperative affordable housing corporations are considered nonprofit inasmuch as they are not organized to make a profit for themselves or for their members.
[ 1993, c. 300, §1 (NEW) .]
2. Applicability.  Except as otherwise provided in this subchapter, cooperative affordable housing corporations in the State are governed by and have all the rights, privileges and powers established in Title 13-C. Without limiting the applicability of federal law to any other corporation or unincorporated association that provides housing on a cooperative basis, it is the intent that cooperative affordable housing corporations governed by this subchapter qualify as cooperative housing corporations under federal law.
[ RR 2001, c. 2, Pt. B, §58 (AFF); RR 2001, c. 2, Pt. B, §27 (COR) .]
3. Election.  Any corporation governed by Title 13-C may elect by a vote of 2/3 of the members voting to secure the benefits of and be bound by this subchapter and must then amend its articles of incorporation to conform with this subchapter.
[ RR 2001, c. 2, Pt. B, §58 (AFF); RR 2001, c. 2, Pt. B, §27 (COR) .]
4. Exemption.  Any corporation or unincorporated association that does not elect to be governed under this subchapter may not be restricted from providing housing on a cooperative basis whether as a consumer cooperative under subchapter I or otherwise.
[ 1993, c. 300, §1 (NEW) .]
SECTION HISTORY
1993, c. 300, §1 (NEW). RR 2001, c. 2, §B58 (AFF). RR 2001, c. 2, §B27 (COR).