11 V.S.A. § 1588: Articles of incorporation; minimum requirements

Articles of incorporation of cooperative housing corporations shall contain the following provisions in addition to those required by Title 11A:

(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.