Vermont § 1588 Articles of incorporation; minimum requirements

Vermont Statutes

§ 1588 — Articles of incorporation; minimum requirements

Vermont § 1588

Title 11Title 11: Corporations, Partnerships and Associations

Ch. 14Chapter 014: Cooperative Housing Ownership Act

This text of Vermont § 1588 (Articles of incorporation; minimum requirements) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 11, § 1588 (2026).

Text

Articles of incorporation of cooperative housing corporations shall contain the following provisions in addition to those required by Title 11A:

(1)a statement that the cooperative housing corporation shall have only one class of stock;

(2)a statement of restrictions, if any, upon transfer of shares;

(3)the rate of dividend, if any, allocable to membership shares which shall not exceed six percent per annum on invested capital;

(4)reservation of the right of the cooperative housing corporation to acquire membership shares;

(5)basis of distribution of assets in event of dissolution;

(6)the method of allocation of ownership and voting interests in the cooperative housing corporation; and

(7)the conditions, if any, under which the cooperative housing corporation shall have a right of f

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Articles of incorporation of cooperative housing corporations shall contain the following provisions in addition to those required by Title 11A:
(1) a statement that the cooperative housing corporation shall have only one class of stock;
(2) a statement of restrictions, if any, upon transfer of shares;
(3) the rate of dividend, if any, allocable to membership shares which shall not exceed six percent per annum on invested capital;
(4) reservation of the right of the cooperative housing corporation to acquire membership shares;
(5) basis of distribution of assets in event of dissolution;
(6) the method of allocation of ownership and voting interests in the cooperative housing corporation; and
(7) the conditions, if any, under which the cooperative housing corporation shall have a right of first refusal upon proposed transfer of cooperative interests. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988; amended 2023, No. 85 (Adj. Sess.), § 27, eff. July 1, 2024.)