13 M.R.S. §1747: Articles of incorporation; minimum requirements

Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13‑C:

1. One class of stock. A statement that the cooperative affordable housing corporation has only one class of stock;

2. Restrictions on transfers. A statement of restrictions, if any, upon transfers of shares;

3. Rate of dividend. The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;

4. Acquire membership. The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;

5. Distribution upon dissolution. The basis for distribution of assets in the event of dissolution;

6. Allocation of ownership and voting interests. The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and

7. Right of first refusal. The conditions, if any, under which the cooperative affordable housing corporation has a right of first refusal upon proposed transfers of cooperative interest.