Or. Admin. Code § 441-025-0060 - Memberships in a Non-profit Cooperative

Pursuant to authority in ORS 59.025(14), the director exempts any certificate evidencing membership issued by a non-profit cooperative that meets all of the following criteria:

(1) The issuing cooperative is formed pursuant to ORS 62.800 to 62.815;

(2) The issuing cooperative owns or leases land in Oregon on which manufactured dwellings are or will be located;

(3) Only a natural person who owns and occupies a manufactured dwelling that is located on land owned or leased by the issuing cooperative may be issued a membership certificate;

(4) The issuing cooperative issues not more than one membership certificate for any space lease in the cooperative, regardless of the number of occupants in the manufactured dwelling located on the space.

(5) The issuing cooperative sets the price of membership at a reasonable level, not to exceed $1,000; and

(6) Each membership certificate includes a condition that requires the certificate must be returned to the cooperative in exchange for no more than the price originally paid by the purchasing individual upon termination of the individual's membership in the cooperative.

Notes

Or. Admin. Code § 441-025-0060

FCS 1-2009, f. & cert. ef. 2-3-09

Stat. Auth.: ORS 59.285

Stats. Implemented: ORS 59.025(14)