Title 13, Title 13

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…

Within 6 months after the first conveyance of a share to a member, an organizational meeting of the cooperative affordable housing corporation must be held for the purpose of adopting bylaws, electing officers and transacting such other business as may come before the meeting.

1. Capital stock. A cooperative affordable housing corporation must be organized on a membership basis with capital stock. 2. Requirements. A cooperative affordable housing corporation must have one class of stock and one class of members. The designation, qualifications, require…

The bylaws of a cooperative affordable housing corporation must contain procedures under which the cooperative affordable housing corporation's possessory remedy will be pursued in the event of a member's default and the rights of a defaulting member, in accordance with section 1…

A cooperative affordable housing corporation shall issue shares to its members as evidence of their ownership of a cooperative interest. The shares must be in a form prescribed in the articles of incorporation or bylaws of the cooperative affordable housing corporation. Restricti…

1. One vote per member. Except as provided in subsection 5, the votes in a cooperative affordable housing corporation must be assigned so that each member has one vote. 2. Nonmembers on board. Nonmembers may be elected by the membership of the cooperative affordable housing corpo…

A cooperative affordable housing corporation may not consolidate or merge with another corporation other than a cooperative affordable housing corporation. Two or more cooperative affordable housing corporations may consolidate or merge in accordance with Title 13‑C, chapter 11. …

A cooperative affordable housing corporation may organize as a limited equity cooperative in order to fulfill the public purpose of providing and preserving housing for persons and households of low income and moderate income at the time that they purchase their memberships. In a…

Every member of a cooperative affordable housing corporation is entitled to receive from the cooperative affordable housing corporation a written proprietary lease that must include the following: [PL 1993, c. 300, §1 (NEW).] 1. Personal property security interest. A provision th…

1. Materials provided to prospective members. In conjunction with the offering of cooperative interests to prospective members, a person or entity offering to sell cooperative interests shall provide to a purchaser prior to the execution of a subscription agreement by the purchas…

Failure or neglect to provide to purchasers the documents and disclosures required by section 1756 is considered a violation of Title 10, chapter 206.

By vote of at least 80% of its members or any larger percentage specified in the articles of incorporation or bylaws, a cooperative affordable housing corporation may vote to dissolve and terminate its proprietary leases. In addition, a cooperative affordable housing corporation …

Any lender is authorized to make loans secured by shares in a cooperative affordable housing corporation, including limited equity cooperatives. For purposes of Title 9‑A, section 1‑202, subsection (8), a loan secured by shares of a cooperative affordable housing corporation must…

1. Apportionment. Subject to subsection 2, the board of directors of a cooperative affordable housing corporation may apportion annually the remainder of its net income in one or more of the following ways: A. As a reserve fund for the general operation of the cooperative afforda…

Title 5, chapter 337, subchapter IV applies to all cooperative affordable housing corporations in the State.

1. Property not tax-exempt. Notwithstanding any provision of law to the contrary, cooperative property does not qualify for property tax exemption under Title 36, section 652, subsection 1, paragraph A. 2. Eligibility for property tax relief. Without limiting the eligibility of m…

A cooperative affordable housing corporation may organize as a group equity cooperative for the purpose of providing and preserving housing for classes of low-income or moderate-income households at the time that the person or household purchases a membership. A group equity coop…

1. Program inclusion. Housing cooperatives and residents of housing cooperatives as classified or categorized in subsection 2 as owners, landlords, tenants or renters must be considered for eligibility as owners, landlords, tenants or renters for all state and municipal housing a…

This subchapter may be cited as the "Uniform Agricultural Cooperative Association Act".

It is the declared policy of this State, as one means of improving the economic position of agriculture, to encourage the organization of producers of agricultural products into effective associations under the control of such producers, and to that end this subchapter should be …

This subchapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

As used in this subchapter, unless the context otherwise indicates, the following terms shall have the following meanings. [PL 1979, c. 541, Pt. A, §133 (AMD).] 1. Agricultural products. "Agricultural products" include floricultural, horticultural, viticultural, forestry, nut, da…

Any existing association formed under any law of this State as a cooperative agricultural association may elect, by a vote of 2/3 of the members voting thereon at a legal meeting, to secure the benefits of and be bound by this subchapter, and shall thereupon amend such of its art…

No person, firm, corporation or association, domestic or foreign, hereafter commencing business in this State shall use the word "cooperative" as a part of its corporate or business name unless it has complied with this subchapter or some other statute of this State relating to c…

A foreign corporation that can qualify as an association, as defined in section 1774, may be authorized to do business in this State under this subchapter by complying with the laws relating to foreign corporations doing business in the State. It shall pay the same fees and charg…

1. Violation. A person may not: A. Knowingly induce a member or stockholder of an association to violate the member's or stockholder's marketing contract with the association; [PL 2003, c. 452, Pt. G, §1 (NEW); PL 2003, c. 452, Pt. X, §2 (AFF).] B. Knowingly attempt to induce a m…

Domestic associations and foreign associations admitted to do business in this State shall pay an annual license fee of $10, which shall be in lieu of all other corporation and franchise taxes.

This subchapter shall not impair or affect any act done, offense committed or right accruing, accrued or acquired, or liability, penalty, forfeiture or punishment incurred prior to July 21, 1945, but the same may be enjoyed, asserted, enforced, prosecuted or inflicted as fully an…

An association is deemed "nonprofit," as the association is not organized to make a profit for that association or for its members, but only for its members as producers of agricultural products.

The provisions of the laws related to business corporations and all powers and rights under those laws apply to associations, except when those provisions are in conflict with or inconsistent with the express provisions of this chapter.

Five or more adult persons, engaged in agriculture as bona fide producers of agricultural products, or 2 or more associations of such producers, may form an association with or without capital stock.

Such association may be organized for the purpose of engaging in any cooperative activity for producers of agricultural products in connection with: 1. Producing, selling, etc. Producing, assembling, marketing, buying or selling agricultural products, or harvesting, preserving, d…

The articles of incorporation must set forth: [PL 2009, c. 56, §10 (AMD).] 1. Name. The name of the association which may or may not include the word "cooperative"; 2. Purposes. Its purposes; 3. Duration. Its duration; 4. Location of office. The mailing address and physical addre…

Before commencing business, the incorporators of every corporation organized under this subchapter shall prepare, sign, date and deliver for filing with the Secretary of State articles of incorporation, in a format approved by the Secretary of State, setting forth the information…

1. Procedure. An association may amend its articles of incorporation by the affirmative vote of 2/3 of the members voting on the proposed amendment at any regular meeting or at a special meeting called for the purpose or, if the association permits its members to vote on the basi…

The members of the association may adopt bylaws not inconsistent with law or the articles, and they may alter and amend the same from time to time. The bylaws must be adopted by a majority of the members voting thereon, or if the association permits its members to vote on the bas…

An association may provide in its bylaws for one or more regular meetings each year, which may be held within or without the State at the time and place designated in the bylaws. Special meetings of the members may be called by the board of directors, and it shall be their duty t…

1. Capacity to act. An association formed under this subchapter, or an association which might be formed under this subchapter and which existed at the time this Act took effect, shall have the capacity to act possessed by natural persons, but such association shall have authorit…

1. Not in restraint of trade. No association complying with the terms hereof shall be deemed to be a conspiracy, or a combination in restraint of trade or an illegal monopoly; or be deemed to have been formed for the purpose of lessening competition or fixing prices arbitrarily, …

1. Membership; term. The business of the association is managed by a board of not less than 3 directors. The directors must be members of the association or officers, general managers, directors or members of a member association, except that the members of the association may el…

A member may ask for the removal of a director by filing charges with the secretary or president of the association together with a petition signed by 5% of the members requesting the removal of the director. The removal must be voted upon at the next meeting of the members, and …

The board shall elect one or more officers as authorized in the bylaws. The bylaws of each cooperative must provide for one or more officers, including the qualifications for and the titles of those officers.

A member may bring charges of misconduct or incompetency against an officer by filing them with the secretary or president of the association together with a petition signed by 10% of the members requesting the removal of the officer. The directors shall vote upon the removal of …

The articles or bylaws may provide that upon demand of 2/5 of all the directors, any matter of policy that has been approved or passed by the board must be referred to the members for their approval before it becomes effective. No referendum shall be allowed unless it is demanded…

1. Producers of agricultural products. An association may admit as members only bona fide producers of agricultural products, including tenants and landlords receiving a share of the crop, and cooperative associations of such producers. The incorporators named in the articles are…

1. Certificate for membership or stock. A certificate for membership or stock may not be issued until fully paid for, but bylaws may provide that a member may vote and hold office prior to payment in full for the member's membership or stock. 2. Dividends. Dividends in excess of …