§421I-1 - Cooperative housing corporation; defined.

[§421I-1]  Cooperative housing corporation;defined.  As used in this chapter, unless otherwise indicated by thecontext, "corporation" means a cooperative housing corporation that:

(1)  Has one and only one class of stock outstanding;

(2)  Allows each tenant shareholder to occupy adwelling unit for dwelling purposes solely by reason of the tenantshareholder's ownership of stock in the corporation;

(3)  Does not allow a shareholder to receive, eitherconditionally or unconditionally, any distributions from the corporation exceptwhen there is a complete or partial liquidation of the corporation; providedthat this paragraph does not apply to earnings and profits of the corporation;and

(4)  Has eighty per cent or more of the gross incomefor the taxable year in which taxes are paid or incurred pursuant to 26 UnitedStates Code section 216(A) derived from tenant shareholders. [L 1993, c 282, ptof §1]