Maine § 13 §1747 Articles of incorporation; minimum requirements

Maine Statutes

§ 13 §1747 — Articles of incorporation; minimum requirements

Maine § 13 §1747

Title 13CORPORATIONS

Part 2CORPORATIONS WITHOUT CAPITAL

Ch. 85COOPERATIVES

This text of Maine § 13 §1747 (Articles of incorporation; minimum requirements) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 13, § 13 §1747 (2026).

Text

Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13‑C:

1.One class of stock. A statement that the cooperative affordable housing corporation has only one class of stock;

2.Restrictions on transfers. A statement of restrictions, if any, upon transfers of shares;

3.Rate of dividend. The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;

4.Acquire membership. The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;

5.Distribution upon dissolution. The basis for distribution of assets in the event of dissolution;

6.Allocation of ownership and voting int

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Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13‑C:
1.
One class of stock.
A statement that the cooperative affordable housing corporation has only one class of stock;
2.
Restrictions on transfers.
A statement of restrictions, if any, upon transfers of shares;
3.
Rate of dividend.
The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;
4.
Acquire membership.
The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;
5.
Distribution upon dissolution.
The basis for distribution of assets in the event of dissolution;
6.
Allocation of ownership and voting interests.
The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and
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.