§ 1588. Articles of association; minimum requirements
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;
(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. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
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