RSA 301-A:5 · Organization Certificate

301-A:5 Organization Certificate. – Before a cooperative association may begin its activities, the president, treasurer, and a majority of the directors shall prepare, subscribe to, and file with the secretary of state a certificate of organization containing:

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I.

A statement as to the purpose or purposes for which the association is formed.

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II.

The name of the association which shall include the word "cooperative".

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III.

The term of existence of the association which may be perpetual.

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IV.

The location and address of the principal office of the association.

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V.

The names and addresses of the incorporators of the association.

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VI.

The names and addresses of the directors who shall manage the affairs of the association for the first year, unless sooner changed by the members.

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VII.

A statement of whether the association is organized with or without shares, and the number of subscribed for shares or memberships.

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VIII.

If organized with shares, a statement of the amount of authorized capital, the number and types of shares and the par value thereof which may be placed at any figure, and the rights, preferences, and restrictions of each type of share.

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IX.

The minimum number or value of shares which must be owned in order to qualify for membership; if organized without shares, a statement of whether the property rights of members shall be equal or unequal, and if unequal, the rule by which their rights shall be determined.

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X.

The maximum amount or percentage of capital which may be owned or controlled by any member; including a statement of whether or not each member shall be limited to a single share, and whether such single shares shall be of various par values.

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XI.

The method by which any surplus, upon dissolution of the association, shall be distributed, in conformity with the requirements of RSA 301-A:33.

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XII.

The articles may also contain any other provisions not inconsistent with law or with this chapter, for the conduct of the association's affairs. Source. 1983, 462:1, eff. July 1, 1983.

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