Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13‑C:

1. 1. One class of stock A statement that the cooperative affordable housing corporation has only one class of stock;

   [PL 1993, c. 300, §1 (NEW).]

2. 2. Restrictions on transfers A statement of restrictions, if any, upon transfers of shares;

   [PL 1993, c. 300, §1 (NEW).]

3. 3. Rate of dividend The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;

   [PL 1993, c. 300, §1 (NEW).]

4. 4. Acquire membership The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;

   [PL 1993, c. 300, §1 (NEW).]

5. 5. Distribution upon dissolution The basis for distribution of assets in the event of dissolution;

   [PL 1993, c. 300, §1 (NEW).]

6. 6. Allocation of ownership and voting interests The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and

   [PL 1993, c. 300, §1 (NEW).]

7. 7. 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.

   [PL 1993, c. 300, §1 (NEW).]

PL 1993, c. 300, §1 (NEW). RR 2001, c. 2, §B28 (COR). RR 2001, c. 2, §B58 (AFF).