§ 7-6.1-6. Articles of organization.
Three (3) or more persons who are residents of the state may organize a cooperative housing corporation by filing articles of organization with the secretary of the state. The articles must meet the requirements of chapter 1.2 of this title and shall additionally state:
(1) Whether transfer of its stock is restricted;
(2) Whether or not it is authorized to pay dividends on its stock, but no cooperative corporation may pay a dividend of more than ten percent (10%), noncumulative, upon its stock;
(3) Whether the transfer value of its stock is restricted;
(4) Whether it is organized as a business or non-business cooperative housing corporation.
History of Section.P.L. 1986, ch. 256, § 1; P.L. 2005, ch. 36, § 5; P.L. 2005, ch. 72, § 5.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-6.1 - Cooperative Housing Corporations
Section 7-6.1-1. - Purpose of chapter.
Section 7-6.1-3. - Cooperative housing corporations subject to certain laws.
Section 7-6.1-4. - Definitions.
Section 7-6.1-5. - Applicability of other laws — Conflict of laws.
Section 7-6.1-6. - Articles of organization.
Section 7-6.1-8. - Name — Forfeiture — Judicial action.
Section 7-6.1-9. - Power to make, amend, or repeal bylaws.
Section 7-6.1-10. - Articles or bylaws.
Section 7-6.1-11. - Net savings — Apportionment.