Section 125.123. Approval of organizational documents.

(1) Proposed articles of incorporation and proposed amendments to existing articles of incorporation of a  nonprofit  housing   corporation, consumer housing cooperative, or limited dividend housing corporation, and the proposed partnership agreement,  joint   venture  agreement,  trust agreement, or other document then existing of a limited dividend housing association shall be submitted in duplicate originals to the  executive director, together with a request for  the  authority's approval   of  the documents.

(2) The authority staff shall review  such   organizational  documents  to determine the compliance with the requirements of the act and these rules, and, if it is determined that the documents so comply, the executive director or other employee of the authority authorized by resolution of the authority shall issue, on behalf of the authority, a certificate of approval with respect to the organizational documents, on a form  approved by the executive director.

History: 1979 AC.