The name of the corporation is MSU Student Housing Cooperative, Inc.
The purpose or purposes for which the corporation is formed are as follows:
(As Restated April 1, 2002) The corporation is organized on a non-stock basis.
^ Is this right? I'm not seeing this part of Article II in the 2002 Restated Articles.
If organized on a non stock basis, the description and value of its real property assets are:
Name of Cooperative House | Address of House | City Assessed value as of May 13, 2002 In Dollars | |
---|---|---|---|
1 | Atlantis | 207 Bogue Street | 157,400 |
2 | Bower | 127 Whitehills | 128,800 |
3 | Elsworth | 711 W Grand River | 184,800 |
4 | Ferency | 146 Collingwood | 72,100 |
5 | Hedrick | 140 Collingwood | 133,900 |
6 | lot | 711 W Grand River | 29,000 |
7 | Miles | 152 Collingwood | 65,900 |
8 | Orion | 501 M.A.C. | 141,700 |
9 | Phoenix | 239 Oak Hill | 190,900 |
10 | Raft Hill | 420 Evergreen | 77,300 |
11 | Shadowwood | 505 M.A.C. | 190,900 |
12 | Toad Lane & New Community | 415 & 425 Ann | 184,300 |
$1,557,000 |
and the description of its personal property assets are: $10,000 office equipment.
(The valuation of the above assets was as of May 13, 2002)
^ When was this added to Article III? It appears in the Restated 2018 Articles, but I can't find the referendum for this amendment.
Said corporation is to be financed under the following general plan:
By the collection of such membership fees as shall be provided in the By-Laws; by contributions and donations from persons, parties, or organization interested in furthering the program for which this corporation is organized.; and by the collection of such service charge for services rendered as shall be stipulated from time to time by the Board of Directors.
The corporation is organized on a membership basis.
(As Restated April 1, 2002) The address of the registered office is:
317 Student Services Building, Michigan State University, East Lansing, Ingham County, Michigan 48824.
The name of the resident agent is Joan Bulmer.
^ Should these not be updated to 541 E. Grand River & hj Sparks as restated in 2018?
I do kinda like keeping Orion Ulrey in this Article though; even if it's not what's actually file with the State.
(Deleted April 1, 2002) The name of the first resident agent is Orion Ulrey.
Said corporation is organized upon a non-stock basis.
(As amended October 28, 1978) All membership dues are to be retained by the corporation as contributions of capital, and shall be fully refundable to each member upon dissolution of the corporation.
^ I feel like I remember Orion Ulrey and George Motts very sternly warning me that the IRS absolutely HATES this “refund to member upon dissolution” business. I'll re-consult my ouija board.
Also, I guess I don't understand the methodology behind what gets noted as “as amended” and what's plainly included. When the Articles were restated in 2002, the second sentence within Article V wasn't on a new line.
The names and places of residence, or business, of each of the incorporators (and if a corporation is organized upon a stock-share basis the number of shares of stock subscribed for by each) are as follows:
Name | Residence Address |
---|---|
William Barker | 711 W. Grand River Ave., East Lansing MI 48823 |
Marc Butler | 711 W. Grand River Ave., East Lansing MI 48823 |
James Landau | 711 W. Grand River Ave., East Lansing MI 48823 |
The names and addresses of the first board of directors (or trustees) are as follows:
Name | Residence Address |
---|---|
Geoffrey Gates | 711 W. Grand River Ave., East Lansing MI 48823 |
William Barker | 711 W. Grand River Ave., East Lansing MI 48823 |
Richard Baker | 140 Haslet St., East Lansing MI 48823 |
John Aubrey | 127 Whitehills Dr., East Lansing MI 48823 |
Gregory Martin | 548 M.A.C., East Lansing MI 48823 |
The term of the corporate existence is perpetual.
The mode of procedure and the manner in which the business and affairs of this corporation shall be conducted in accordance with the Statutes of the State of Michigan. Neither interest nor dividends shall be paid upon the paid-in membership capital of this corporation. Only members in good standing or their duly appointed or elected representatives shall be eligible to hold office as a director or officer of this corporation. Voluntary dissolution of said corporation shall require approval at a membership meeting of, at least, two-thirds (2/3) of the membership in good standing of said corporation, voting in person and not by proxy, or of such greater number as may be required by law. In the event of any dissolution of this corporation:
This article shall not be amended other than by a vote of two-thirds (2/3) of the members in good standing of said corporation at a regular or special membership meeting. Said votes shall be in person and not by proxy, and shall be held at polling places as may be designated by the board of directors.
(Added by amendment July 19, 1977)
The corporation shall not sell, mortgage, or assign any real estate without the prior vote of a majority of the member occupants of the real estate to be sold, mortgaged, or assigned. Further, each house (as defined in the By Laws) has the responsibility to care, manage, and control their property. This authority may be revoked by the MSU Student Housing Corporation in the event there occurs waste to the premises or impairment to the capital of the MSU Student Housing Corporation.
(As Restated April 1, 2002)
The cooperative plan is set up as follows: Each member is entitled to one vote regardless of the number of shares or memberships owned.