Vermont Statutes Title 11 Sec. 1583
Terms Used In Vermont Statutes Title 11 Sec. 1583
- Cooperative housing corporation: means a domestic corporation which has elected to be governed by the provisions of this chapter. See
- Cooperative interest: means the ownership interest in a cooperative housing corporation which is evidenced by a membership share. See
- Cooperative property: means all the real and personal property, including mobile and manufactured homes, in this state owned or leased by a cooperative housing corporation for the primary purpose of residential use. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lender: includes banks, the Vermont Housing Finance Agency, and other financial institutions. See
- Limited equity cooperative: means a cooperative housing corporation, organized in accordance with section 1598 of this title. See
- Member: means a person who owns a cooperative interest, and who is entitled to voting rights as prescribed in section 1594 of this title. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Unit: means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease, or leased to a tenant by lease agreement. See
§ 1583. Definitions
The definitions contained in chapter 17 of this title shall apply to this chapter. As used in this chapter, the following terms shall have the meanings indicated, unless the context otherwise requires:
(1) “Conversion” means a change in character of residential real property from a rental to an ownership basis. Creation of a cooperative housing corporation to own property formerly rented for dwelling purposes is deemed to be such a change in character.
(2) “Cooperative housing corporation” means a domestic corporation which has elected to be governed by the provisions of this chapter.
(3) “Cooperative interest” means the ownership interest in a cooperative housing corporation which is evidenced by a membership share.
(4) “Cooperative property” means all the real and personal property, including mobile and manufactured homes, in this state owned or leased by a cooperative housing corporation for the primary purpose of residential use.
(5) “Low income” means having income that is less than or equal to 80 percent of median income for the area, adjusted for family size, in accordance with federal standards generally accepted at the time of incorporation and comparable to standards of the U.S. Department of Housing and Urban Development existing on June 16, 1988.
(6) “Moderate income” means less than or equal to 100 percent of median income for the area, adjusted for family size, in accordance with standards generally accepted at the time of incorporation and comparable to standards of the U.S. Department of Housing and Urban Development existing on June 16, 1988.
(7) “Lender” includes banks, the Vermont Housing Finance Agency, and other financial institutions.
(8) “Limited equity cooperative” means a cooperative housing corporation, organized in accordance with section 1598 of this title.
(9) “Limited equity formula” means a rule or method for determining the transfer value of a share in a limited equity cooperative.
(10) “Member” means a person who owns a cooperative interest, and who is entitled to voting rights as prescribed in section 1594 of this title.
(11) “Proprietary lease” means an agreement with a cooperative housing corporation governing a member‘s right to occupancy, under which a member has an exclusive possessory interest in a unit.
(12) “Resident” means any occupant of space owned by the cooperative housing corporation.
(13) “Share loan” means an agreement entered into by a member and a lender to finance the member’s acquisition of his or her cooperative interest.
(14) “Subscription agreement” means a written agreement between a prospective member and a cooperative housing corporation for the purchase and sale of a cooperative interest.
(15) “Unit” means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease, or leased to a tenant by lease agreement. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)