§1749. Membership
1. Capital stock. A cooperative affordable housing corporation must be organized on a membership basis with capital stock.
[PL 1993, c. 300, §1 (NEW).]
2. Requirements. A cooperative affordable housing corporation must have one class of stock and one class of members. The designation, qualifications, requirements, method of acceptance and incidents of membership must be set forth in the articles of incorporation or the bylaws.
[PL 1993, c. 300, §1 (NEW).]
3. Transfers. A member may not transfer membership except as permitted in the articles of incorporation or the bylaws.
[PL 1993, c. 300, §1 (NEW).]
4. Termination. The articles of incorporation or the bylaws may provide for termination of membership and the conditions and terms of termination.
[PL 1993, c. 300, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 300, §1 (NEW).
Structure Maine Revised Statutes
Part 2: CORPORATIONS WITHOUT CAPITAL
Subchapter 1-A: COOPERATIVE AFFORDABLE HOUSING OWNERSHIP
13 §1744. Name; use of "cooperative"
13 §1745. Property classification of cooperative interest
13 §1746. Perfection of security interests in cooperative interests
13 §1747. Articles of incorporation; minimum requirements
13 §1748. Organizational meeting
13 §1750. Bylaws; minimum requirements
13 §1751. Membership shares; requirements
13 §1753. Merger; consolidation
13 §1754. Limited equity cooperatives
13 §1756. Offering of cooperative interests; subscription agreement; disclosures required
13 §1757. Consumer protection; enforcement