499A.11 - OWNERSHIP -- CERTIFICATE OF MEMBERSHIP.

        499A.11  OWNERSHIP -- CERTIFICATE OF MEMBERSHIP.         The cooperative has the right to purchase real estate for the      purpose of erecting, owning, and operating apartment houses or      apartment buildings.  The interest of each individual member in the      cooperative shall be evidenced by the issuance of a certificate of      membership.  The certificate of membership is coupled with a      possessory interest in the real and personal property of the      cooperative, entitling each member to a proprietary lease with the      cooperative under which each member has an exclusive possessory      interest in an apartment unit and a possessory interest in common      with all other members in that portion of the cooperative's real and      personal property not constituting apartment units, and which creates      a legal relationship of landlord and tenant between the cooperative      and member.  The certificate of membership shall be executed by the      president of the cooperative and attested by its secretary in the      name and in the behalf of the cooperative.  
         Section History: Early Form
         [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499A.11] 
         Section History: Recent Form
         91 Acts, ch 30, §5