(1) A person may become a member of a manufactured dwelling park nonprofit cooperative if the person:
(a) Is a natural person;
(b) Owns a manufactured dwelling that is, or is to be, located in a manufactured dwelling park of the cooperative and occupied by the person;
(c)(A) Pays the membership fee required by the cooperative; or
(B) Purchases a share of membership stock issued by the cooperative; and
(d) Meets any additional membership qualifications established in the articles of incorporation or bylaws of the cooperative.
(2) A manufactured dwelling park nonprofit cooperative shall accept as a member any person who meets the qualifications described in subsection (1) of this section.
(3) Membership in a manufactured dwelling park nonprofit cooperative entitles the member to rent space for a manufactured dwelling in a manufactured dwelling park of the cooperative and to occupy the manufactured dwelling.
(4) A cooperative shall create or issue one membership or share of membership stock for each manufactured dwelling that is, or is to be, located in a manufactured dwelling park of the cooperative and occupied by the dwelling owner. A person may not own more than one membership or share of membership stock in the same cooperative. A membership or membership stock may not be issued or transferred to a person unless the person meets the qualifications for membership described in subsection (1) of this section.
(5) A cooperative shall issue memberships or shares of membership stock for a fee determined by the directors of the cooperative. The directors may periodically adjust the fee amount as provided in the articles of incorporation or bylaws of the cooperative. Except for periodic adjustments, the membership fee or membership stock price charged by the cooperative shall be the same for all members. A member may not sell, transfer or redeem a membership for more than the amount the member paid for the membership plus any adjustments approved by the directors to reflect cost-of-living increases.
(6) The articles of incorporation or bylaws of the cooperative shall establish the methods for accepting and terminating membership and for the sale, transfer or redemption of a membership or share of membership stock. [2007 c.607 §5]
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