Vermont Statutes Title 11 Sec. 1588
Terms Used In Vermont Statutes Title 11 Sec. 1588
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative housing corporation: means a domestic corporation which has elected to be governed by the provisions of this chapter. 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.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
§ 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.)