{"data":{"id":"us-me/13-m.r.s.-1747","jurisdiction":"us-me","citation":"13 M.R.S. §1747","heading":"Articles of incorporation; minimum requirements","body":"Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13‑C:\n1.  One class of stock.  A statement that the cooperative affordable housing corporation has only one class of stock;\n2.  Restrictions on transfers.  A statement of restrictions, if any, upon transfers of shares;\n3.  Rate of dividend.  The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;\n4.  Acquire membership.  The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;\n5.  Distribution upon dissolution.  The basis for distribution of assets in the event of dissolution;\n6.  Allocation of ownership and voting interests.  The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and\n7.  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.","path":["TITLE 13: CORPORATIONS","PART 2: CORPORATIONS WITHOUT CAPITAL","CHAPTER 85: COOPERATIVES","SUBCHAPTER 1-A: COOPERATIVE AFFORDABLE HOUSING OWNERSHIP"],"source_url":"https://legislature.maine.gov/statutes/13/title13sec1747.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:27Z","sha256":"5d22c317c34d6f20515f479dc07f0718bbfb8d011a5f4642275e43386f645f29","source_id":"us-me","stale":false,"prev":"us-me/13-m.r.s.-1746","next":"us-me/13-m.r.s.-1748"},"notice":"GroundRules: Original legal text. Not legal advice."}