Section 125.1463 - Nonprofit housing corporation; articles of incorporationIn addition to other requirements of law, the articles of incorporation of a nonprofit housing corporation shall provide all of the following:
(a) That the corporation has been organized exclusively to provide housing facilities for any 1 or more of the following classes of persons, to be specified in the articles of incorporation: (i) persons of low income, (ii) persons of low and moderate income, and(iii) persons whose income does not exceed limits established in this act. The articles of incorporation may also permit the corporation to provide any social, recreational, commercial, and communal facilities necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of the housing.(b) That all the income and earnings of the corporation shall be used exclusively for corporate purposes and that no part of the net income or net earnings of the corporation shall inure to the benefit or profit of a private individual, firm, corporation, partnership, or association.(c) That the corporation is in no manner controlled or under the direction or acting in the substantial interest of any private individual, firm, partnership, or association seeking to derive profit or gain therefrom or seeking to eliminate or minimize losses in any dealing or transactions with the corporation.(d) That the operations of the corporation may be supervised by the authority or by any other governmental body as the authority directs, and that the corporation shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. These agreements shall provide for regulation by the authority or by the governmental body of the planning, development, and management of any housing project undertaken by the corporation and the disposition of the property and franchises of the corporation.Add. 1968, Act 343, Imd. Eff. 7/19/1968 ;--Am. 1970, Act 129, Imd. Eff. 7/29/1970 ;--Am. 1976, Act 410, Imd. Eff. 1/9/1977 ;--Am. 1978, Act 192, Imd. Eff. 6/4/1978 ;--Am. 1979, Act 49, Imd. Eff. 7/7/1979 ;--Am. 1984, Act 215, Imd. Eff. 7/10/1984.