The Florida Senate

424.10  Incorporation; purpose; shares; articles.--Any number of natural persons not less than three, a majority of whom are citizens of the United States, may become a corporation by subscribing, acknowledging, and filing with the Department of State articles of incorporation, hereinafter called "articles," setting forth the information required by s. 607.0202, except as herein modified or changed.

(1)  The purpose for which a limited dividend housing company is to be formed shall be as follows: to acquire, construct, maintain, and operate housing projects when authorized by and subject to the supervision of the Department of Community Affairs.

(2)  The shares of which the capital shall consist shall have a par value.

(3)  Articles of incorporation shall contain a declaration that the corporation has been organized to serve a public purpose and that it shall remain at all times subject to the supervision and control of the Department of Community Affairs or of other appropriate state authority; that all real estate acquired by it and all structures erected by it shall be deemed to be acquired for the purpose of promoting the public health and safety and subject to the provisions of the State Housing Law; and that the stockholders of this corporation shall be deemed, when they subscribe to and receive the stock thereof, to have agreed that they shall at no time receive or accept from the company, in repayment of their investment in its stock, any sums in excess of the par value of the stock together with cumulative dividends at the rate of 6 percent per year and that any surplus in excess of such amount, if the company is dissolved, shall revert to the state.

History.--s. 9, ch. 16028, 1933; CGL 1936 Supp. 4151(141); ss. 10, 18, 35, ch. 69-106; s. 6, ch. 79-9; s. 61, ch. 81-167; s. 64, ch. 83-55; s. 132, ch. 90-179.