(a) A cooperative housing corporation shall be organized on a membership basis with capital stock.
(b) A cooperative housing corporation shall have one class of stock and, therefore, one class of members, all of whom must be residents except as provided in subdivision 1599(1) of this title. The designation, qualifications, requirements, method of acceptance, and incidents of membership shall be set forth in the articles of incorporation or the bylaws.
(c) No member may transfer the member’s membership except as permitted in the articles of incorporation or the bylaws.
(d) The bylaws may provide for termination of membership and the conditions and terms thereof.