Vermont Statutes Title 11 Sec. 1593
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Terms Used In Vermont Statutes Title 11 Sec. 1593
- Cooperative housing corporation: means a domestic corporation which has elected to be governed by the provisions of this chapter. See
- Cooperative interest: means the ownership interest in a cooperative housing corporation which is evidenced by a membership share. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
§ 1593. Membership shares; requirements
A cooperative housing corporation shall issue shares to its members as evidence of their ownership of a cooperative interest. Such shares shall be in a form prescribed in the articles of association or bylaws of the cooperative housing corporation. Restrictions upon transfer of shares shall be noted on the face of the certificates representing shares. No membership shares shall be issued under this section and no proprietary leases shall be issued under section 1599 of this title prior to issuance of a certificate of incorporation as a cooperative housing corporation. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)