§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.