§ 1593. Membership shares; requirements
A cooperative housing corporation shall issue shares to its members as evidence of their ownership of a cooperative interest. Such shares shall be in a form prescribed in the articles of association or bylaws of the cooperative housing corporation. Restrictions upon transfer of shares shall be noted on the face of the certificates representing shares. No membership shares shall be issued under this section and no proprietary leases shall be issued under section 1599 of this title prior to issuance of a certificate of incorporation as a cooperative housing corporation. (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