reglab/housing_qa huggingface dataset:
11 V.S.A. § 1598
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1598. Limited equity cooperatives

§ 1598. Limited equity cooperatives|A cooperative housing corporation may organize as a limited equity cooperative in order to fulfill the public purpose of providing and preserving housing for persons and households of low and moderate income at the time that they purchase their memberships. In addition to safeguarding the foregoing public purpose, a limited equity cooperative shall meet the following requirements:  (1) The articles of association shall require that cooperative interests be sold at no more than a transfer value determined by a limited equity formula contained in the articles. That value shall be consistent with the object of maintaining long-term affordability of cooperative interests for persons or households of low and moderate income. (2) A limited equity formula, once established by a cooperative housing corporation in its articles of association, may be amended only if that amendment does not make the cooperative membership unaffordable for the class of low or moderate income households for which the cooperative housing corporation was originally incorporated, as determined and certified by the Commissioner of Housing and Community Affairs. A cooperative housing corporation once organized under this section may not reorganize as other than a limited equity cooperative without first dissolving. (3) A limited equity cooperative shall not sell all or substantially all of its assets if such sale is intended to circumvent the public purposes of this section. (4) The articles of association shall require that the cooperative housing corporation shall have the first right to repurchase a member's cooperative interest. (5) The articles of association shall require that the total distribution out of capital to a member shall not exceed that transfer value. (6) The articles of association shall require that upon dissolution of the cooperative housing corporation, any assets remaining after retirement of corporate debts and distribution to members shall be distributed to a charitable organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a public agency, or another limited equity cooperative whose formula for determining transfer value shall be no less restrictive than that of the cooperative housing corporation being dissolved. (7) The articles of association shall require that no sublease of a unit shall provide for monthly payments by the sublessee in excess of 110 percent of monthly payments for the unit provided for in the proprietary lease. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1599
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1599. Proprietary lease

§ 1599. Proprietary lease|Every member of a cooperative housing corporation shall be entitled to receive from the cooperative housing corporation a written proprietary lease which shall include the following:  (1) A provision that no sublease in excess of one year, no amendment, and no modification to such proprietary lease shall be permitted or created without the prior written consent of the board of directors of the cooperative housing corporation. A member who sublets does not relinquish the rights and benefits of membership. (2) A provision that the security for a loan against the member's cooperative interest shall be in the nature of a personal property security interest, and any default of such loan shall entitle the lender to treat such default in the same manner as a default of a loan secured by personal property. (3) A provision that the cooperative housing corporation's possessory remedy in event of default of a member affecting that person's right to occupancy shall be in an action under 12 V.S.A. chapter 169, subchapter 3. However, good cause shall be required for termination of the right of occupancy. Good cause shall include nonpayment of loans, fees, costs, or assessments pertaining to the cooperative interest, or material violation of bylaws, rules, or proprietary lease which continues following reasonable notice and reasonable opportunity to cure the alleged material violations. (4) Provisions for determining maintenance and carrying charges for the unit. (5) A right on the part of the cooperative housing corporation to cure any default in the member's obligations pertaining to the member's cooperative interest, including share loans, and cooperative fees, costs, and assessments. (6) A provision requiring that terms and form of the proprietary lease shall be amended by the board of directors only. (7) A provision requiring that any lease term which is not uniformly applied to all members or prospective members of the same or similar category shall be unenforceable. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1600
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1600. Deposits; sale of cooperative interests; escrow

§ 1600. Deposits; sale of cooperative interests; escrow|Deposits taken in connection with the sale of cooperative interests by a cooperative housing corporation, with respect to units intended for residential use shall be deposited and held in an interest-bearing escrow account for the benefit of the purchaser, until such time as the transaction closes unless the escrow requirement is expressly waived by the purchaser. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1601
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1601. Offering of cooperative interests; subscription agreement; disclosures required

§ 1601. Offering of cooperative interests; subscription agreement; disclosures required|(a) In conjunction with the offering of cooperative interests to prospective members, a cooperative housing corporation, or other persons or entities seeking to establish a cooperative housing corporation, or the owner of a cooperative interest seeking to sell that interest, shall provide to all prospective purchasers a copy of the proposed or adopted articles of association and bylaws of the cooperative housing corporation, a subscription agreement or sales agreement, a proposed proprietary lease, and the most current corporate financial statements, if any exist.(b) The subscription agreement or sales agreement shall contain provisions detailing the cost of acquisition of a cooperative interest, the rights and privileges of membership in the cooperative housing corporation, and terms and conditions of occupancy of a unit in the cooperative housing corporation; provisions, if any, under which the subscription agreement or sales agreement is subordinated to other agreements or otherwise encumbered; provisions for cancellation of the agreement by either party; and a legally sufficient description of the property.(c) The subscription agreement or sales agreement shall contain provisions detailing the risks of acquisition of a cooperative interest including risks resulting from failure of all units to be occupied.(d) The subscriber or purchaser shall have a right to cancel the subscription agreement or sales agreement without penalty, upon provision of written notice to the offeror within 10 days of the date of signing the agreement. In the event of such cancellation, all monies paid by the subscriber or purchaser to the offeror shall be returned to the subscriber or purchaser within 14 days of receipt of the notice of cancellation by the offeror. The offeror shall inform the subscriber or purchaser in writing of their right of cancellation. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1602
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1602. Consumer protection; enforcement

§ 1602. Consumer protection; enforcement|(a) For purposes of this section, "consumer" means an actual or prospective subscriber, purchaser, member, assignee, or transferee of a cooperative interest with respect to a residential unit. A "consumer" includes a co-obligor or surety for a consumer.(b) To the extent that a violation of a provision of this chapter affects a consumer, that violation is deemed to be a violation of 9 V.S.A. § 2453 and is subject to all rights, obligations, and penalties provided under 9 V.S.A. chapter 63.(c) Failure or neglect to provide to subscribers or purchasers the documents and disclosures required by section 1601 of this title is deemed to be a violation of this section. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1603
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1603. Dissolution

§ 1603. Dissolution|(a) By vote of at least 80 percent of its members or any larger percentage specified in the articles or bylaws, a cooperative housing corporation may vote to dissolve and terminate all of its proprietary leases.(b) A cooperative housing corporation shall have its election pursuant to section 1584 of this chapter revoked if it fails to certify to the Secretary of State within 30 days of the deadlines specified in section 1589 of this title that at least 80 percent of its available housing units are occupied by members. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1604
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1604. Loans

§ 1604. Loans|Any lender is authorized to make loans secured by cooperative interests of a cooperative housing corporation, including limited equity cooperatives, upon the same terms and with the same limitations as other consumer and residential loans. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1605
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1605. Net income; apportionment

§ 1605. Net income; apportionment|(a) Annually, the board of directors of a cooperative housing corporation may apportion the remainder of the net income in one or more of the following ways:  (1) as a reserve fund for the general operation of the business; (2) as a dividend not to exceed six percent per annum on invested capital; and (3) as an equitable distribution or refund to all members in proportion to their proprietary lease payment, except that the distribution or refund to members shall first be credited to the member's account to pay off the purchase price of his or her cooperative interest and any amounts owed to the cooperative housing corporation as a result of cure by the cooperative housing corporation of any default in the member's obligations as described in subdivision 1599(5) of this title.   (b) This section shall not prevent a cooperative housing corporation from disposing of the net income by reducing the cost of facilities or services or by applying such net income otherwise for the common benefit of members.(c) This section shall not prevent a cooperative housing corporation from adopting a system by which the payment of net income is deferred, nor from adopting a system in which the net savings distributed are partly in cash and partly in equity interests or certificates of indebtedness. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1606
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1606. Conversion; cooperative apartments

§ 1606. Conversion; cooperative apartments|The provisions of 27 V.S.A. chapter 15, subchapter 2 shall apply to all proposed conversions of residential rental properties to cooperative ownership. "Conversion" shall be deemed to occur when a cooperative interest is first offered to a prospective member of a cooperative housing corporation involving the subject property. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1607
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1607. Nondiscrimination

§ 1607. Nondiscrimination|The provisions of 9 V.S.A. chapter 139 shall apply to all cooperative housing corporations in the State. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1608
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1608. Eligibility for property tax relief

§ 1608. Eligibility for property tax relief|Members of cooperative housing corporations shall be eligible to apply for and receive a homestead property tax adjustment under 32 V.S.A. § 6066, subject to the conditions of eligibility set forth therein. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988; amended 1997, No. 71 (Adj. Sess.), § 16a, eff. Jan. 1, 1999.)
11 V.S.A. § 1609
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1609. Homestead exemption from attachment and execution

§ 1609. Homestead exemption from attachment and execution|The provisions of 27 V.S.A. chapter 3 shall apply to cooperative interests in cooperative housing corporations, notwithstanding characterization of cooperative interests as personal property. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
11 V.S.A. § 1610
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 14 - Cooperative Housing Ownership Act|§ 1610. Separate taxation; mobile home cooperatives

§ 1610. Separate taxation; mobile home cooperatives|Each unit in a mobile home limited equity cooperative under proprietary lease, together with any improvements thereon and together with the proprietary lessee's cooperative interest in the common areas and facilities owned by the cooperative, shall be considered to be a parcel, and shall be subject to separate assessment and taxation as real property by each assessing unit and special district for all types of taxes authorized by law, including special ad valorem levies and special assessments. Each unit held by the cooperative not under proprietary lease, together with any improvements thereon, and together with the remaining and unissued cooperative interest in the common areas and facilities owned by the cooperative, may be combined and treated as one parcel for purposes of assessment and taxation at the discretion of the listers, and shall be subject to assessment and taxation as real property by each assessing unit and special district for all types of taxes authorized by law. Except for the units described in this section, no cooperative property, including common areas and facilities owned by the cooperative, shall be deemed to be a parcel subject to separate assessment and taxation. (Added 1999, No. 159 (Adj. Sess.), § 21, eff. May 29, 2000.)
11 V.S.A. § 1621
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 15 - Registration of Business Entities|§ 1621. Registration of business name by persons, partnerships, and associations

§ 1621. Registration of business name by persons, partnerships, and associations|(a) A person doing business in this State under any name other than his or her own, and every copartnership or association of individuals, except corporations and limited liability companies, doing business in this State, resident or nonresident, shall cause to be recorded with the Secretary of State a return setting forth the name under which such business is carried on, the name of the town wherein such place of business is located, a brief description of the kind of business to be transacted under such name, and the individual names and residences of all persons, general partners, or members so doing business thereunder.(b) Such returns shall be subscribed and sworn to by one or more of the persons so doing business, and shall be filed with the Secretary of State within 10 days after commencement of business.(c) The Secretary of State shall decline to register any business name unless the name is distinguishable in the records of the Secretary of State from any other business name of any name registered or reserved under this chapter, or the name of any other entity, whether domestic or foreign, that is reserved, registered, or granted by or with the Secretary of State, or any name that would lead a reasonable person to conclude that the business is a type of entity that it is not.(d) The Secretary of State shall establish rules and regulations for the administration of this section.(e) Prior to registering its business name under this section, a person intending to operate a postsecondary school, as defined in 16 V.S.A. §§ 176 and 176a, shall apply to the State Board of Education for a certificate of approval pursuant to those sections. (Amended 1961, No. 217, § 1, eff. July 13, 1961; 1981, No. 125 (Adj. Sess.), § 1; 1993, No. 221 (Adj. Sess.), § 24; 1995, No. 166 (Adj. Sess.), § 14; 1995, No. 179 (Adj. Sess.), § 1c, eff. Jan. 1, 1997; 1995, No. 179 (Adj. Sess.), §§ 6, 7; 2001, No. 19, § 3; 2011, No. 84 (Adj. Sess.), § 3, eff. April 20, 2012; 2015, No. 17, § 3.)
11 V.S.A. § 1621a
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 15 - Registration of Business Entities|§ 1621a. Reserved name

§ 1621a. Reserved name|(a) The exclusive right to the use of a business name may be reserved by any person, copartnership, or association intending to register its name under this section.(b) The reservation shall be made by filing with the Secretary of State an application to reserve a specified business name, executed by the applicant, its agent, or attorney. If the Secretary of State finds that the name is available for use, he or she shall reserve the same for the exclusive use of the applicant for a period of 120 days.(c) The right to the exclusive use of a specified business name so reserved may be transferred to any other person, copartnership, or association by filing in the office of the Secretary of State a notice of such transfer, executed by the applicant for whom the name was reserved, and specifying the name and address of the transferee. (Added 1981, No. 125 (Adj. Sess.), § 2.)
11 V.S.A. § 1622
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 15 - Registration of Business Entities|§ 1622. Registration by legal representative of decedent

§ 1622. Registration by legal representative of decedent|If a person who was required by the provisions of section 1621 of this title to register with the Secretary of State failed so to do and dies, the legal representative of such deceased person may register under such section in the name of the estate of such decedent. Such registration shall be sufficient for all purposes under the provisions of this chapter. (Amended 1961, No. 217, § 1, eff. July 13, 1961.)
11 V.S.A. § 1623
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 15 - Registration of Business Entities|§ 1623. Registration by business organizations

§ 1623. Registration by business organizations|(a) A business organization doing business in this State under any name other than that of the business organization shall be subject to all the provisions of this chapter; and shall file returns sworn to by some officer or director of the corporation or mutual benefit enterprise, or by some director or manager of the limited liability company, or by some partner of the partnership or limited partnership, setting forth:  (1) the name and location of the principal office of the business organization; (2) the name under which the organization will conduct business; (3) the town or towns where the organization conducts business under the name; and (4) a brief description of the kind of business the organization conducts under the name.   (b) The Secretary of State shall decline to register any business name unless the name is distinguishable in the records of the Secretary of State from any other business name of any name registered or reserved under this chapter or the name of any other entity, whether domestic or foreign, that is reserved, registered, or granted by or with the Secretary of State, or any name that would lead a reasonable person to conclude that the business is a type of entity that it is not. (Amended 1995, No. 179 (Adj. Sess.), § 8; 2011, No. 84 (Adj. Sess.), § 4, eff. April 20, 2012; 2015, No. 17, § 4; 2015, No. 97 (Adj. Sess.), § 41; 2015, No. 157 (Adj. Sess.), § E.4, eff. June 2, 2016.)
11 V.S.A. § 1624
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 15 - Registration of Business Entities|§ 1624. Forms

§ 1624. Forms|The Secretary of State shall formulate forms for the returns and shall, on request, furnish such forms by mail or otherwise to persons, copartnerships, associations, or corporations subject to the provisions of this chapter. (Amended 1961, No. 217, § 1, eff. July 13, 1961.)
11 V.S.A. § 1625
2021 Vermont Statutes|Title 11 - Corporations, Partnerships and Associations|Chapter 15 - Registration of Business Entities|§ 1625. Fees

§ 1625. Fees|(a) A person, copartnership, association, limited liability company, or corporation required by the provisions of this chapter to file a return, shall, at the time of filing as provided, pay a registration fee of $50.00 to the Secretary of State.(b) A person, copartnership, association, limited liability company, or corporation required by the provisions of this chapter to file a certificate of cessation or change of business status or an application to reserve a business name shall, at the time of filing, pay a fee of $20.00 to the Secretary of State.(c) Statement of change of designated agent or designated office, or both: $25.00, not to exceed $1,000.00 per filer per calendar year.(d) The Secretary shall collect $25.00 each time process is served on the Secretary under this chapter. The party to a proceeding causing service of process is entitled to recover this fee as costs if he or she prevails in the proceeding. (Amended 1959, No. 177, eff. May 14, 1959; 1961, No. 217, § 1, eff. July 13, 1961; 1967, No. 278 (Adj. Sess.), § 9; 1977, No. 237 (Adj. Sess.), § 3; 1981, No. 125 (Adj. Sess.), § 3; 1995, No. 179 (Adj. Sess.), § 9; 2003, No. 70 (Adj. Sess.), § 10, eff. March 1, 2004; 2007, No. 153 (Adj. Sess.), § 33; 2013, No. 1, § 81, eff. March 7, 2013; 2013, No. 72, § 4.)