Section 125.1496 – Basic Organization Document; Approval.
125.1496 Basic organization document; approval. Sec. 96. Before any limited dividend housing association can receive any benefits as a result of qualifying under this act, the authority must approve the terms of the partnership agreement, joint venture agreement, trust agreement or other document of basic organization. History: Add. 1970, Act 129, Imd. Eff. July 29, […]
Section 125.1491 – Limited Dividend Housing Association; Approval; Membership.
125.1491 Limited dividend housing association; approval; membership. Sec. 91. Limited dividend housing association includes general or limited partnerships, limited liability companies, joint ventures, or trusts, as any such entities shall be approved by resolution of the authority. Members of a limited dividend housing association shall include each and all persons with a legal or beneficial […]
Section 125.1492 – Association Name.
125.1492 Association name. Sec. 92. The term “limited dividend housing association” shall be included as part of the name of any limited dividend housing association. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
Section 125.1493 – Limited Dividend Housing Association; Provisions of Partnership Agreement, Joint Venture Agreement, Trust Agreement, or Other Document of Basic Organization.
125.1493 Limited dividend housing association; provisions of partnership agreement, joint venture agreement, trust agreement, or other document of basic organization. Sec. 93. In addition to other requirements of law, the partnership agreement, joint venture agreement, trust agreement, or other document of basic organization of the limited dividend housing association shall provide all of the following: […]
Section 125.1494 – Surplus; Definition.
125.1494 Surplus; definition. Sec. 94. As used in this chapter, the term “surplus” shall not be deemed to include any increase in assets of any limited dividend housing association organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments or realized from the sale or […]
Section 125.1495 – Managing Agent; Power of Authority.
125.1495 Managing agent; power of authority. Sec. 95. The partnership agreement, joint venture agreement, trust agreement or other document of basic organization, as the case may be, shall provide that the authority shall have the power to appoint a managing agent of the limited dividend housing association and its members, who may be an officer, […]