By vote of at least 80% of its members or any larger percentage specified in the articles of incorporation or bylaws, a cooperative affordable housing corporation may vote to dissolve and terminate its proprietary leases. In addition, a cooperative affordable housing corporation must file articles of dissolution and pay the fee for dissolution as required for business corporations under Title 13‑C.
Me. Rev. Stat. tit. 13, § 1758
Dissolution
Known as the Maine Cooperative Affordable Housing Ownership Act
The act spans §§ 1741 to 1764 (24 sections).
PL 1993, c. 300, §1 (NEW)
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.