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H <br /> iv <br /> ( y <br /> r� <br /> .t <br /> How does a co-op work? <br /> e;. <br /> The co-op is a legal cooperative corporation. Members of the co-op are <br /> the people living in the co-op and they run the co-op... from organizing <br /> � .. <br /> social activities,to maintenance, to handling finances, to landscaping. <br /> The members set the by-laws of the co-op and also elect, from among ' ' <br /> themselves, a board of directors. The board makes sure that things ruin <br /> smoothly and according to the co-op's by-laws and operating agreements. <br /> The board will organize members' meeting on a. regular basis and vrill <br /> usually hire staff to attend to the day-to-day business of the co-op Y <br /> Who owns the cooperative? r <br /> ` <br /> Cooperative members each own a cooperative share. Together, the <br /> members own 100%of the cooperative, which the cooperative owns ail of -` <br /> the builduag,land, and any common areas. The right to reside in each. <br /> .M, <br /> specific&veiling unit is allocated solely to a specific cooperative member <br /> and governed by that member's proprietary lease or occupancy agreement. <br /> What do I own as a member of a housing co-op? <br /> As a member, you own a cooperative share that is the combination of <br /> two things: <br /> • Your ownership interest in the cooperative corporation (representedby a <br /> certificate of membership or corporate shares), and <br /> • An exclusive right to occupy a particular-dwelling unit that is owned by <br /> the cooperative corporation (represented by an occupancy agreement), <br />