Section 1743 - Application1.Nonprofit. Cooperative affordable housing corporations are considered nonprofit inasmuch as they are not organized to make a profit for themselves or for their members. [1993, c. 300, §1(NEW).]
2.Applicability. Except as otherwise provided in this subchapter, cooperative affordable housing corporations in the State are governed by and have all the rights, privileges and powers established in Title 13-C. Without limiting the applicability of federal law to any other corporation or unincorporated association that provides housing on a cooperative basis, it is the intent that cooperative affordable housing corporations governed by this subchapter qualify as cooperative housing corporations under federal law. [RR 2001, c. 2, Pt. B, §27(COR); RR 2001, c. 2, Pt. B, §58(AFF).]
3.Election. Any corporation governed by Title 13-C may elect by a vote of 2/3 of the members voting to secure the benefits of and be bound by this subchapter and must then amend its articles of incorporation to conform with this subchapter. [RR 2001, c. 2, Pt. B, §27(COR); RR 2001, c. 2, Pt. B, §58(AFF).]
4.Exemption. Any corporation or unincorporated association that does not elect to be governed under this subchapter may not be restricted from providing housing on a cooperative basis whether as a consumer cooperative under subchapter I or otherwise. [1993, c. 300, §1(NEW).]
1993, c. 300, § 1 (NEW) . RR 2001, c. 2, §B27 (COR) . RR 2001, c. 2, §B58 (AFF) .