Vt. Stat. Ann. tit. 11, § 1588
Articles of incorporation; minimum requirements
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
Articles of association of cooperative housing corporations shall contain the following provisions in addition to those required by chapter 17 of this title:
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;
(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;
(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;
(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;
(4) reservation of the right of the cooperative housing corporation to acquire membership shares;
(5) basis of distribution of assets in event of dissolution;
(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
(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.
(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.