Maine § 1747. - Articles of incorporation; minimum requirements

§ 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:   [RR 2001, c. 2, Pt. B, §28 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]

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.