§ 1588. Articles of association; minimum requirements
Articles of association of cooperative housing corporations shall contain the following provisions in addition to those required by chapter 17 of this title:
(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.)
Structure Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 14 - Cooperative Housing Ownership Act
§ 1585. Name; use of “cooperative”
§ 1586. Property classification of cooperative interest
§ 1587. Perfection of security interests in cooperative interests
§ 1588. Articles of association; minimum requirements
§ 1589. Subscriptions for membership prior to organization; organization meeting
§ 1590. Minimum occupancy requirement
§ 1592. Bylaws; minimum requirements
§ 1593. Membership shares; requirements
§ 1595. Meetings; notice; quorum
§ 1596. Directors; election; removal
§ 1598. Limited equity cooperatives
§ 1600. Deposits; sale of cooperative interests; escrow
§ 1601. Offering of cooperative interests; subscription agreement; disclosures required
§ 1602. Consumer protection; enforcement
§ 1605. Net income; apportionment
§ 1606. Conversion; cooperative apartments
§ 1608. Eligibility for property tax relief