Agreement on payment of share contributions to the cooperative
A housing cooperative is a legal entity that is created to participate in the construction or reconstruction of a residential building and further operation. As a legal entity, a cooperative is created by individuals and / or legal entities that have merged on the basis of membership.
As a rule, buyers become associate members of the cooperative with the right of advisory vote, however, such a vote may not be taken into account when voting on admission of new members, sale of apartments, purchase of materials and others. If the cooperative is liquidated, the associate member of the cooperative will have an advantage in the right to return the share, compared to full members of the cooperative.
To obtain ownership of the apartment, the shareholder makes an entrance fee and a share in the cooperative in accordance with the charter and the agreement on the payment of shares. At the stage of signing the contract indicate the mechanism of transfer of ownership: directly to the buyer or under the contract of exchange through a cooperative. Usually, after putting the house into operation, the HBC registers the ownership of the apartment, after which the mine is issued to the member of the cooperative for the apartment under the mine agreement.
The agreement on payment of share contributions to the cooperative is provided by the Law of Ukraine "On Cooperation" and the norms of the Civil Code of Ukraine, but is not prescribed in Article 4 of the Law of Ukraine "On Investment Activity" as a permissible mechanism for raising housing.