§ 7-6.1-4 - Definitions. - Rhode Island Statutes

SECTION 7-6.1-4

   § 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 housingcorporation as they exist from time to time;

   (3) "Cooperative housing corporation" means a corporationorganized or existing under this chapter;

   (4) "Limited equity cooperative housing corporation" means acooperative housing corporation organized and operated primarily for thebenefit of low and moderate income persons, and whose equity, after allowancefor maximum transfer value of its stock, is permanently dedicated to providinghousing to persons of low or moderate income or to a charitable purpose;

   (5) "Member" means a person who holds voting rights in anonbusiness cooperative housing corporation by virtue of a membershipcertificate issued by that corporation;

   (6) "Nonbusiness cooperative housing corporation" means alimited equity housing cooperative that, pursuant to § 7-6.1-5 elects toapply chapter 6 of this title to the corporation's operations. All othercooperative housing corporations are business cooperative housing corporations;

   (7) "Proprietary lease" means an agreement between acooperative housing corporation and its stockholders or members for occupancyof a dwelling unit owned by the cooperative housing corporation;

   (8) "Stock" means shares of stock issued by a businesscooperative housing corporation or membership certificates issued by anonbusiness cooperative housing corporation;

   (9) "Transfer value" means the value which may be paid orreceived upon the sale or transfer of the stock of a cooperative housingcorporation.