357.015. Housing cooperative, defined, limitations. - Missouri Statutes

Housing cooperative, defined, limitations.

357.015. 1. For the purposes of this section, a "housingcooperative" means a cooperative incorporated under this chapter, asmodified by this section, for the purpose of producing or furnishinghousing.

2. Any number of persons, not less than five, may associatethemselves together as a housing cooperative under section 357.010.

3. No shareholder in a housing cooperative shall own shares of agreater aggregate par value than twenty percent of the aggregate par valueof all shares of stock of such housing cooperative for the purposes ofsection 357.050.

4. The bylaws of a housing cooperative may provide for the businessactivities which such housing cooperative is engaged in, and the manner andmethod of conducting such activities, which may be conducted independentlyor jointly with any other person, entity or organization for the purposesof section 357.130.

5. Section 357.150 shall not be applicable to a housing cooperative.

(L. 1998 S.B. 517)