{"data":{"id":"us-vt/11-v.s.a.-1588","jurisdiction":"us-vt","citation":"11 V.S.A. § 1588","heading":"Articles of incorporation; minimum requirements","body":"Articles of incorporation of cooperative housing corporations shall contain the following provisions in addition to those required by Title 11A:\n(1) a statement that the cooperative housing corporation shall have only one class of stock;\n(2) a statement of restrictions, if any, upon transfer of shares;\n(3) the rate of dividend, if any, allocable to membership shares which shall not exceed six percent per annum on invested capital;\n(4) reservation of the right of the cooperative housing corporation to acquire membership shares;\n(5) basis of distribution of assets in event of dissolution;\n(6) the method of allocation of ownership and voting interests in the cooperative housing corporation; and\n(7) the conditions, if any, under which the cooperative housing corporation shall have a right of first refusal upon proposed transfer of cooperative interests.","path":["Title 11: Corporations, Partnerships and Associations","Chapter 014: Cooperative Housing Ownership Act"],"source_url":"https://legislature.vermont.gov/statutes/section/11/014/01588","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T15:57:21Z","sha256":"2612031e129821069ff47160317910036e6be1a63e7371c4e5f1eee385ecfc72","source_id":"us-vt","stale":false,"prev":"us-vt/11-v.s.a.-1587","next":"us-vt/11-v.s.a.-1589"},"notice":"GroundRules: Original legal text. Not legal advice."}