§499.3.  Definitions

In this Part, the following words and phrases shall have the following meanings:

(1)  "Board" means board of directors.  

(2)  "By-laws" means the by-laws of a cooperative housing corporation as they exist from time to time.  

(3)  "Cooperative housing corporation" means a corporation organized or existing under this Part.  

(4)  "Limited equity cooperative housing corporation" means a cooperative housing corporation organized and operated primarily for the benefit of low and moderate income persons, and whose equity, after allowance for maximum transfer value of its stock, is permanently dedicated to providing housing to persons of low or moderate income or to charitable purposes.  

(5)  "Member" means a person who holds voting stock of a cooperative housing corporation.  

(6)  "Proprietary lease" means an agreement between a cooperative housing corporation and its stockholder for the occupancy of a dwelling unit owned by the cooperative housing corporation.  

(7)  "Transfer value" means the value which may be paid or received upon the sale or transfer of the stock of a cooperative housing corporation.

Acts 1990, No. 857, §1.