§499.5. Articles of organization
Three or more persons who are residents of this state, may organize a cooperative housing corporation by filing articles of organization with the secretary of state. The articles shall meet the requirements of Chapter 2 of this Title, and in addition, shall state the following:
(1) Whether transfer of corporation stock is restricted.
(2) Whether or not the corporation shall be authorized to pay dividends on its stock, but no cooperative housing corporation shall pay a dividend of more than six percent, noncumulative, upon its stock.
(3) Whether the transfer value of corporation stock is restricted.
Acts 1990, No. 857, §1.