§ 1588. Articles of incorporation; minimum requirements Articles of incorporation of cooperative housing corporations shall contain the following provisions in addition to those required by Title 11A: (1) a statement that the cooperative housing corporation shall have only one class of stock; (2) a statement of restrictions, if any, upon transfer of shares; (3) the rate of dividend, if any, allocable to membership shares which shall not exceed six percent per annum on invested capital; (4) reservation of the right of the cooperative housing corporation to acquire membership shares; (5) basis of distribution of assets in event of dissolution; (6) the method of allocation of ownership and voting interests in the cooperative housing corporation; and (7) the conditions, if any, under which the cooperative housing corporation shall have a right of first refusal upon proposed transfer of cooperative interests.
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