§1760. Net income; apportionment
1. Apportionment. Subject to subsection 2, the board of directors of a cooperative affordable housing corporation may apportion annually the remainder of its net income in one or more of the following ways:
A. As a reserve fund for the general operation of the cooperative affordable housing corporation; or [PL 1993, c. 300, §1 (NEW).]
B. As a dividend not to exceed 6% per annum on invested capital. [PL 1993, c. 300, §1 (NEW).]
[PL 1993, c. 300, §1 (NEW).]
2. Cost reduction. This section does not prevent a cooperative affordable housing corporation from disposing of its net income by reducing the cost of facilities or services or by applying the net income otherwise for the common benefit of its members.
[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