Senate File 2312 H-8122 Amend Senate File 2312, as passed by the Senate, as 1 follows: 2 1. Page 1, before line 1 by inserting: 3 < Section 1. Section 499A.1, subsection 1, Code 4 2014, is amended to read as follows: 5 1. Any two or more persons of full age, a 6 majority of whom are citizens of the state, may 7 organize themselves for the following or similar 8 purposes: Ownership of residential, business property 9 on a cooperative basis. A corporation or limited 10 liability company is a person within the meaning of 11 this chapter . The organizers shall adopt, and sign 12 and acknowledge the articles of incorporation, stating 13 the name by which the cooperative shall be known, 14 the location of its principal place of business, its 15 business or objects, the number of directors to conduct 16 the cooperative’s business or objects, the names of 17 the directors for the first year, the time of the 18 cooperative’s annual meeting, the time of the annual 19 meeting of its directors, and the manner in which the 20 articles may be amended. The articles of incorporation 21 shall be filed with the secretary of state who shall, 22 if the secretary approves the articles, endorse the 23 secretary of state’s approval on the articles, record 24 the articles, and forward the articles to the county 25 recorder of the county where the principal place of 26 business is to be located, and there the articles shall 27 be recorded, and upon recording be returned to the 28 cooperative. The articles shall not be filed by the 29 secretary of state until a filing fee of five dollars 30 together with a recording fee of fifty cents per page 31 is paid, and upon the payment of the fees and the 32 approval of the articles by the secretary of state, the 33 secretary shall issue to the cooperative a certificate 34 of incorporation as a cooperative not for pecuniary 35 profit. The county recorder shall collect recording 36 fees pursuant to section 331.604 for articles forwarded 37 for recording under this section . > 38 2. Title page, line 4, after < regimes > by inserting 39 < , by allowing limited liability companies to form 40 multiple housing cooperatives, > 41 3. By renumbering as necessary. 42 ______________________________ COMMITTEE ON JUDICIARY BALTIMORE of Boone, Chairperson -1- SF2312.3279 (3) 85 rh/sc 1/ 1 #1. #2. #3.