Three (3) or more persons who are residents of the state may organize a cooperative housing corporation by filing articles of organization with the secretary of the state. The articles must meet the requirements of chapter 1.2 of 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 its stock, but no cooperative corporation may pay a dividend of more than ten percent (10%), noncumulative, upon its stock; (3) Whether the transfer value of its stock is restricted; (4) Whether it is organized as a business or non-business cooperative housing corporation.
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