§421H-1 Definitions. As used in this chapter, unless otherwise indicated by the context: “Corporate equity” means the excess of the current fair market value of the corporation’s assets, including its real property, over the sum of the current transfer values of all shares or membership interests, reduced by the principal balance of outstanding encumbrances upon […]
§421H-2 Articles of incorporation. (a) The articles of incorporation and bylaws shall require the purchase and sale of the stock of resident owners who cease to be residents, at not more than a transfer value determined as provided in the articles and bylaws, and which shall not exceed the aggregate of the following: (1) The […]
§421H-3 Contents of bylaws. The bylaws shall provide at least the following: (1) The election of a board of directors, the number of persons constituting the board, and that the terms of at least one-third of the directors shall expire annually; the powers and duties of the board; the method of removal from office of […]
§421H-4 Use of corporate equity. (a) The corporate equity shall not be used for distribution to members, but only for the following purposes, and only to the extent authorized by the board, subject to the provisions and limitations of the charter of incorporation and bylaws: (1) For the benefit of the corporation or the improvement […]
§421H-5 REPEALED. L 2002, c 129, §6.
§421H-6 Arbitration of disputes. (a) At the request of any party, any dispute concerning or involving one or more stockholders and a limited-equity housing corporation, its board of directors, managing agent, or one or more other stockholders relating to the interpretation, application, or enforcement of this chapter or the corporation’s charter of incorporation, bylaws, or […]
