Resolution to Amend Article 5

RESOLUTION TO AMEND THE OGHC ARTICLES OF INCORPORATION

(as restated on 5 August 2016)

BE IT RESOLVED THAT the current wording of Article 5 of the OGHC Articles of Incorporation

  1. Restrictions, if any, or Qualifications for Membership in the Cooperative:

No individual shall become a member of the Co-operative unless that individual has met the following conditions:

  1. is at least 18 years of age
  2. has paid for at least one (1) member share
  3. has submitted a written application for membership that has been approved by the Board of Directors of the Co-operative or a person authorized by the Board to approve membership applications.
  4. intends to occupy a residential unit owned or controlled by the Co-operative and, as determined by the Board as a condition of occupancy, has paid any required deposit fees, purchased additional membership shares as a form of deposit, and made any specified loan to the Co-operative. This subsection does not apply if the Co-operative does not have any housing units available for occupancy.

be deleted and be replaced by the following wording:

 

  1. Restrictions, if any, or Qualifications for Membership in the Cooperative:

No individual shall become a member of the Co-operative unless that individual has met the following conditions:

  1. is at least 18 years of age
  2. has paid for at least one (1) member share
  3. has submitted a written application for membership that has been approved by the Board of Directors of the Co-operative or a person authorized by the Board to approve membership applications.
  4. currently occupies or has been approved to occupy a residential unit owned or controlled by the Co-operative and, as determined by the Board as a condition of occupancy, has paid any required deposit fees, purchased additional membership shares as a form of deposit, and made any specified loan to the Co-operative.