TITLE XXVII CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CHAPTER 301-A CONSUMERS' COOPERATIVE ASSOCIATIONS
Section 301-A:2
301-A:2 Incorporation Under General Law. –
I. Five or more persons, a majority of whom are residents of this state, may form a nonprofit cooperative association with or without capital stock under the provisions of this chapter.
II. An association may be incorporated on a cooperative, nonprofit basis for the purpose of acquiring, producing, building, operating, manufacturing, furnishing, exchanging, or distributing any type or types of property, commodities, goods, or services primarily for the benefit of its members who are ultimate consumers.
III. For purposes of a tenants' association voting to purchase a manufactured housing park, no household shall be charged a tenants' association joining fee of more than $5 to vote either by absentee or in person on the proposed purchase.
Source. 1983, 462:1, eff. July 1, 1983. 2022, 124:2, eff. July 26, 2022.