{"data":{"id":"us-ri/r.i.-gen.-laws-7-6.1-4","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 7-6.1-4","heading":"Definitions.","body":"In this chapter, the following words have the following meanings:\n(1) “Board” means board of directors;\n(2) “Bylaws” means the bylaws of a cooperative housing corporation as they exist from time to time;\n(3) “Cooperative housing corporation” means a corporation organized or existing under this chapter;\n(4) “Limited-equity cooperative housing corporation” means a cooperative housing corporation organized and operated primarily for the benefit of low- and moderate-income persons and whose equity, after allowance for maximum transfer value of its stock, is permanently dedicated to providing housing to persons of low or moderate income or to a charitable purpose;\n(5) “Member” means a person who holds voting rights in a non-business cooperative housing corporation by virtue of a membership certificate issued by that corporation;\n(6) “Non-business cooperative housing corporation” means a limited-equity housing cooperative that, pursuant to § 7-6.1-5, elects to apply chapter 6 of this title to the corporation’s operations. All other cooperative housing corporations are business cooperative housing corporations;\n(7) “Proprietary lease” means an agreement between a cooperative housing corporation and its stockholders or members for occupancy of a dwelling unit owned by the cooperative housing corporation;\n(8) “Stock” means shares of stock issued by a business cooperative housing corporation or membership certificates issued by a non-business cooperative housing corporation;\n(9) “Transfer value” means the value that may be paid or received upon the sale or transfer of the stock of a cooperative housing corporation.","path":["Title 7 Corporations, Associations, and Partnerships","Chapter 6.1 Cooperative Housing Corporations"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE7/7-6.1/7-6.1-4.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:09:49Z","sha256":"336589e22966cfedf71c71a0c72cbf4b228548057ca41f937e7dddd353fdabc3","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-7-6.1-3","next":"us-ri/r.i.-gen.-laws-7-6.1-5"},"notice":"GroundRules: Original legal text. Not legal advice."}