§ 7-6-1-4

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 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 a charitable purpose; (5) 'Member' means a person who holds voting rights in a non-business cooperative housing corporation by virtue of a membership certificate issued by that corporation; (6) 'Non-business cooperative housing corporation' means a limited-equity housing cooperative that, pursuant to § 7-6.1-5, elects to apply chapter 6 of this title to the corporation’s operations. All other cooperative housing corporations are business cooperative housing corporations; (7) 'Proprietary lease' means an agreement between a

chapter 6 of this title to the corporation’s operations. All other cooperative housing corporations are business cooperative housing corporations; (7) 'Proprietary lease' means an agreement between a cooperative housing corporation and its stockholders or members for occupancy of a dwelling unit owned by the cooperative housing corporation; (8) 'Stock' means shares of stock issued by a business cooperative housing corporation or membership certificates issued by a non-business cooperative housing corporation; (9) 'Transfer value' means the value that may be paid or received upon the sale or transfer of the stock of a cooperative housing corporation. History of Section.P.L. 1986, ch. 256, § 1; P.L. 1987, ch. 185, § 1.