§ 1588.
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§ 1588. Articles of incorporation; minimum requirements
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.)