§ 13 §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:
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.

Legislative History

PL 1993, c. 300, §1 (NEW). RR 2001, c. 2, §B28 (COR). RR 2001, c. 2, §B58 (AFF).