R 125.123 Approval of organizational documents.

Rule 123. (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 must be submitted in duplicate originals to the executive director or director of legal affairs, together with a request for the authority’s approval of the documents. (2) The authority staff shall review the organizational documents to determine the compliance with the requirements of the act and these rules, and, if it is determined that the organizational documents comply, the executive director or other authority staff 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 or director of legal affairs.