Cohousing-L Mailing List: RE: securities regulations

[Jim Snyder-Grant (Jim_Snyder-Grant.LOTUS]

I agree with what Rob said about competent legal advice & state-specific 
regulations.

In addition, in New View (Acton MA) we have added some protection by requiring 
in our bylaws that WHILE PEOPLE ARE MEMBERS, disputes cannot be settled by 
court cases, but instead have a last resort of mediation & arbitration. This 
doesn't protect against former members, but it does provide a more comfortable 
last resort for disputes between members. The clause also applies to the 
corporation itself, in its dealings with members.

We have these clauses filed in our Mass. non-profit corporate bylaws  (the 
development entity) and we have it in our condo association bylaws, about to go 
under review by FNMA.

Jim_Snyder-Grant [at] lotus.crd.com