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Vt. Stat. Ann. tit. 11, § 1588

Articles of incorporation; minimum requirements

Known as the Cooperative Housing Ownership Act

The act spans §§ 11–11 (30 sections).

Added 1987, No. 254 (Adj

Articles 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.

Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.