Maine Statutes
§ 13 §1751 — Membership shares; requirements
A cooperative affordable housing corporation shall issue shares to its members as evidence of their ownership of a cooperative interest. The shares must be in a form prescribed in the articles of incorporation or bylaws of the cooperative affordable housing corporation. Restrictions upon transfers of shares must be noted on the face of the certificates representing shares. Membership shares may not be issued under this section and proprietary leases may not be issued under section 1755 before filing of the articles of incorporation as a cooperative affordable housing corporation.
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Legislative History
PL 1993, c. 300, §1 (NEW).
Nearby Sections
15
§ 13 §171
Formation of trusts forbidden§ 13 §173
Penalties§ 13 §1731
Procedure§ 13 §1741
Short title§ 13 §1742
Definitions§ 13 §1743
Application§ 13 §1744
Name; use of "cooperative"§ 13 §1748
Organizational meeting§ 13 §1749
Membership§ 13 §1750
Bylaws; minimum requirements§ 13 §1751
Membership shares; requirements