Pennsylvania Corporate Bylaws for Apartment Co-operative - Stock Corporation
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FAQ
Cooperatives organized on a stock basis3 have a class of stock that members are required to purchase to join the cooperative. Often this is labeled as Class A by the cooperative. Owning a share of this type of membership stock gives the member ownership rights, including the right to vote on cooperative affairs.
operative is a legally incorporated corporation that is owned by its members, who use the cooperative's services or purchase their products.
In most states, corporations must maintain bylaws. Because of this, and because they are important in a corporation's organization, the board of directors often draft them at the time of founding. Unlike articles of incorporation, though, bylaws are not public and do not need to be filed with the Secretary of State.
In Pennsylvania, a corporation need not adopt bylaws at its formation, but bylaws are sometimes adopted by the incorporator or board of directors at formation or a later time.
A stock cooperative is a corporation which is. formed to hold title to improved real property, either in fee simple or for a. term of years. Shareholders thereof receive a right of exclusive occupancy of a. portion of the property.
§ 7102. (a) GENERAL RULE. -- Any corporation incorporated under this part may be organized on the cooperative principle by setting forth in its articles a common bond of membership among its shareholders or members by reason of occupation, residence or otherwise and that it is a cooperative corporation.
A Certificate of Organization is not required by law to be prepared by an attorney. However, because of complex legal issues involved when starting any business, including tax considerations, it is advisable to seek legal counsel before filing to assure that all legal consequences receive proper consideration.
A cooperative is a non-profit organization all the profits are given back to members. It doesn't require stocks or shares as evidence of ownership.
A cooperative corporation (or simply, a cooperative) is a special form of corporation that places ownership and/or control of the corporation in the hands of the employees or patrons of the corporation.
A company wanting its securities listed on a stock exchange can apply but cooperatives are incorporated under the Cooperative Societies Act, which is proving to be a hurdle. "The regulator is consulting legal experts for a way around it," said a source.