tailieunhanh - Gale Encyclopedia Of American Law 3Rd Edition Volume 3 P22

Gale Encyclopedia of American Law Volume 3 P22 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 198 COOPERATIVE COOPERATIVE An association or corporation established for the purpose of providing services on a nonprofit basis to its shareholders or members who own and control it. The nature and functions of cooperatives differ considerably such as purchasing cooperatives consumer cooperatives and marketing cooperatives. In the context of agriculture a farmers cooperative refers to an organization of farmers residing in the same locale that is established for their mutual benefit in regard to the cultivation and harvest of their products the purchase of farm equipment and supplies at the lowest possible cost and the sale of their products at the maximum possible price. The term cooperative also signifies the ownership of an apartment building by a nonprofit corporation that holds title to it and the property upon which it is situated. Stock in the corporation is allotted among the apartment units on the basis of their relative value or size. The right of occupancy to a particular apartment is granted to each cooperative member who purchases the shares assigned to the desired unit. The member subsequently receives a long-term proprietary lease to that unit. The rent payable pursuant to the lease is that member s proportionate share of the expenses the corporation incurs in operating the cooperative such as insurance taxes maintenance management and debt service. The cooperative concept evolved in New York City during the early 1900s as a mode of accommodating the public s desire for home ownership it subsequently expanded to other large urban centers. In order to finance the purchase or construction of the cooperative building the cooperative places a blanket mortgage on the property which is pledged to support the given debt. Lenders usually are hesitant to accept an individual member s stock and proprietary lease as security for a long-term loan. The members lien a claim on property to satisfy a debt on the lease would be subordinate to the blanket mortgage on

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