Maine Revised Statutes

§1747. Articles of incorporation; minimum requirements

Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13-C: [RR 2001, c. 2, Pt. B, §58 (AFF); RR 2001, c. 2, Pt. B, §28 (COR).]

1. One class of stock.  A statement that the cooperative affordable housing corporation has only one class of stock;
[ 1993, c. 300, §1 (NEW) .]
2. Restrictions on transfers.  A statement of restrictions, if any, upon transfers of shares;
[ 1993, c. 300, §1 (NEW) .]
3. Rate of dividend.  The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;
[ 1993, c. 300, §1 (NEW) .]
4. Acquire membership.  The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;
[ 1993, c. 300, §1 (NEW) .]
5. Distribution upon dissolution.  The basis for distribution of assets in the event of dissolution;
[ 1993, c. 300, §1 (NEW) .]
6. Allocation of ownership and voting interests.  The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and
[ 1993, c. 300, §1 (NEW) .]
7. Right of first refusal.  The conditions, if any, under which the cooperative affordable housing corporation has a right of first refusal upon proposed transfers of cooperative interest.
[ 1993, c. 300, §1 (NEW) .]
SECTION HISTORY
1993, c. 300, §1 (NEW). RR 2001, c. 2, §B58 (AFF). RR 2001, c. 2, §B28 (COR).

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