Section 1588 - Articles of incorporation; minimum requirementsArticles of incorporation of cooperative housing corporations shall contain the following provisions in addition to those required by Title 11A:
(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.Amended by 2024 , No. 85, § 27, eff. 7/1/2024.Added 1987, No. 254 (Adj. Sess.), § 1, eff. 6/16/1988.