§ 7-6.1-1. Purpose of chapter. The purpose of this chapter is to foster safe, decent, and affordable housing in the state by enabling individuals to form cooperative housing corporations for the purpose of developing, acquiring, owning, and operating multifamily housing on a cooperative plan. History of Section.P.L. 1986, ch. 256, § 1.
§ 7-6.1-10. Articles or bylaws. The articles or bylaws may provide: (1) For election of directors and other officials by unit or district; (2) For voting by stockholders or members on the basis of one vote per stockholder or member, or one vote per dwelling unit rather than one vote per share or certificate; (3) […]
§ 7-6.1-11. Net savings — Apportionment. At least once a year, the board of every cooperative housing corporation shall, after first setting aside an adequate portion of the net savings in a reserve fund for the general operation of the business, apportion the remainder of the net savings in one or more of the following […]
§ 7-6.1-12. Termination of proprietary leases. A cooperative housing corporation may terminate all of its proprietary leases, but only by agreement of proprietary lessees holding at least eighty percent (80%) of its stock or any larger percentage than specified in the articles or bylaws. History of Section.P.L. 1986, ch. 256, § 1.
§ 7-6.1-13. Loans. Any financial institution organized, incorporated, chartered, or licensed to conduct business under the laws of the state of Rhode Island shall be authorized to make loans secured by a pledge of a proprietary lease and the appurtenant stock of a cooperative housing corporation upon the same terms and with the same limitations […]
§ 7-6.1-2. Applicability of chapter — Amendment of articles of incorporation to comply with chapter. This chapter applies to all cooperative housing corporations organized under it. Any corporation organized under any other chapter of the general laws may become a cooperative housing corporation by adopting an amendment to its articles electing to become subject to […]
§ 7-6.1-3. Cooperative housing corporations subject to certain laws. All cooperative housing corporations are subject to laws that are enacted affecting or altering their corporate rights or duties or dissolving them. History of Section.P.L. 1986, ch. 256, § 1.
§ 7-6.1-4. Definitions. In this chapter, the following words have the following meanings: (1) “Board” means board of directors; (2) “Bylaws” means the bylaws of a cooperative housing corporation as they exist from time to time; (3) “Cooperative housing corporation” means a corporation organized or existing under this chapter; (4) “Limited-equity cooperative housing corporation” means […]
§ 7-6.1-5. Applicability of other laws — Conflict of laws. The provisions of chapter 1.2 of this title are applicable to cooperative housing corporations. However, a limited-equity housing corporation may elect to apply the provisions of chapter 6 of this title to the corporation’s operation in lieu of chapter 1.2 of this title. All cooperative […]
§ 7-6.1-6. Articles of organization. Three (3) or more persons who are residents of the state may organize a cooperative housing corporation by filing articles of organization with the secretary of the state. The articles must meet the requirements of chapter 1.2 of this title and shall additionally state: (1) Whether transfer of its stock […]
§ 7-6.1-7. Name. The name of each cooperative housing corporation must comply with the relevant provisions of chapter 1.2 or 6 of this title and, in addition, must contain the word “cooperative”. History of Section.P.L. 1986, ch. 256, § 1; P.L. 2005, ch. 36, § 5; P.L. 2005, ch. 72, § 5.
§ 7-6.1-8. Name — Forfeiture — Judicial action. Any domestic or foreign person, partnership, association, or corporation, except producers’ cooperatives, consumers’ cooperatives, cooperative banks and corporations, transacting business in the state under any name or title containing the word “cooperative” or any close variation, forfeits to the state one hundred dollars ($100) for every day […]
§ 7-6.1-9. Power to make, amend, or repeal bylaws. The power to make, amend, or repeal bylaws is reserved to the stockholders or members in the case of a non-business cooperative housing corporation. History of Section.P.L. 1986, ch. 256, § 1.
