HB33 Alabama 2016 1st Special Session Session

Summary

Primary Sponsor

Chris Pringle Representative

Republican

Session

First Special Session 2016

Title

Cooperatives, formation of registration as nonprofit corp. required, governing documents, assessments, liens, homestead exemption, Cooperative Housing Corporation Act of 2016, Secs. 35-8C-1 to 35-8C-11, inclusive, 40-9-19.2 added

Description

This bill would establish the Alabama Cooperative Housing Corporation Act of 2016, to regulate cooperatives, a form of ownership of real property in which legal title is vested in a corporation or other entity, and the cooperative unit's occupants receive an exclusive right to occupy the unit.

This bill would require any cooperative housing corporation formed after January 1, 2017, to organize under the Alabama Nonprofit Corporation Act, and be subject to all the duties, requirements, obligations, rights, and privileges under the act, and would require the filing of certain cooperative documents with the Secretary of State.

This bill would require the Secretary of State to implement and maintain an electronic database, organized by cooperative name and accessible by the public through the Secretary of State's website, with the capability to search and retrieve cooperative filings.

The bill also provides requirements for the adoption of certain governing documents of the cooperative, including the master declaration, bylaws, and master list; provides for the transfer or sale of shares of the cooperative under certain conditions and allows for the exercise of a right of first refusal; and authorizes cooperative housing corporations to claim a homestead exemption on cooperative property, with the tax reduction to be apportioned among the owners on a per unit basis.

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Subjects

Property, Real and Personal