§ 7-6.1-6 - Articles of organization.
SECTION 7-6.1-6
§ 7-6.1-6 Articles of organization. –Three (3) or more persons who are residents of the state may organize acooperative housing corporation by filing articles of organization with thesecretary of the state. The articles must meet the requirements of chapter 1.2of this title and shall additionally state:
(1) Whether transfer of its stock is restricted;
(2) Whether or not it is authorized to pay dividends on itsstock, but no cooperative corporation may pay a dividend of more than tenpercent (10%), noncumulative, upon its stock;
(3) Whether the transfer value of its stock is restricted;
(4) Whether it is organized as a business or nonbusinesscooperative housing corporation.