Articles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13‑C: [RR 2001, c. 2, Pt. B, §28 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
1. One class of stock. A statement that the cooperative affordable housing corporation has only one class of stock;
2. Restrictions on transfers. A statement of restrictions, if any, upon transfers of shares;
3. Rate of dividend. The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital;
4. Acquire membership. The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares;
5. Distribution upon dissolution. The basis for distribution of assets in the event of dissolution;
6. Allocation of ownership and voting interests. The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and
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.