§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, §28 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
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, §B28 (COR).
RR 2001, c. 2, §B58 (AFF).
Data for this page extracted on 10/16/2012 08:22:06.