§ 1583. Definitions

The definitions contained in chapter 17 of this title shall apply to this chapter. As used in this chapter, the following terms shall have the meanings indicated, unless the context otherwise requires:

(1) "Conversion" means a change in character of residential real property from a rental to an ownership basis. Creation of a cooperative housing corporation to own property formerly rented for dwelling purposes is deemed to be such a change in character.

(2) "Cooperative housing corporation" means a domestic corporation which has elected to be governed by the provisions of this chapter.

(3) "Cooperative interest" means the ownership interest in a cooperative housing corporation which is evidenced by a membership share.

(4) "Cooperative property" means all the real and personal property, including mobile and manufactured homes, in this state owned or leased by a cooperative housing corporation for the primary purpose of residential use.

(5) "Low income" means having income that is less than or equal to 80 percent of median income for the area, adjusted for family size, in accordance with federal standards generally accepted at the time of incorporation and comparable to standards of the U.S. Department of Housing and Urban Development existing on June 16, 1988.

(6) "Moderate income" means less than or equal to 100 percent of median income for the area, adjusted for family size, in accordance with standards generally accepted at the time of incorporation and comparable to standards of the U.S. Department of Housing and Urban Development existing on June 16, 1988.

(7) "Lender" includes banks, the Vermont Housing Finance Agency, and other financial institutions.

(8) "Limited equity cooperative" means a cooperative housing corporation, organized in accordance with section 1598 of this title.

(9) "Limited equity formula" means a rule or method for determining the transfer value of a share in a limited equity cooperative.

(10) "Member" means a person who owns a cooperative interest, and who is entitled to voting rights as prescribed in section 1594 of this title.

(11) "Proprietary lease" means an agreement with a cooperative housing corporation governing a member's right to occupancy, under which a member has an exclusive possessory interest in a unit.

(12) "Resident" means any occupant of space owned by the cooperative housing corporation.

(13) "Share loan" means an agreement entered into by a member and a lender to finance the member's acquisition of his or her cooperative interest.

(14) "Subscription agreement" means a written agreement between a prospective member and a cooperative housing corporation for the purchase and sale of a cooperative interest.

(15) "Unit" means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease, or leased to a tenant by lease agreement. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)