1(1) 2Twenty-five or more persons, a majority of whom shall be residents of this state, who may desire to create a housing development corporation under the provisions of this part for the purpose of promoting and developing housing and advancing the prosperity and economic welfare of the state and, to that end, to exercise the powers and privileges hereinafter provided, may be incorporated by filing in the Department of State, as hereinafter provided, articles of incorporation. The articles of incorporation shall contain:83(a) 84The name of the corporation, which shall include the words “Housing Development Corporation of Florida.”
99(b) 100The location of the principal office of the corporation. The corporation may have offices in such other places within the state as may be fixed by the board of directors.
130(c) 131The purposes for which the corporation is founded, which shall be:1421. 143To mobilize capital;
1462. 147To finance new or rehabilitated housing, particularly for persons of low or moderate income in the state;
1643. 165To find new methods of providing subsidies for housing;
1744. 175To encourage and assist, through loans, including loans at below-market interest rates, investments, or other business transactions, in the elimination of substandard housing in this state;
2015. 202To rehabilitate and assist existing housing, and so to stimulate and assist in the expansion of all kinds of housing activity which will tend to promote the development of new or rehabilitated housing and improve the standard of living of the low-income and moderate-income citizens of this state;
2506. 251To cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of housing developments in this state;
2747. 275To provide financing for the construction of all kinds of housing activity in this state, particularly for low-income and moderate-income citizens; and
2978. 298To make, service, and manage home equity conversion mortgages to assist elderly citizens.
311(d) 312The names and post office addresses of the members of the first board of directors. The first board of directors shall be elected by and from the stockholders of the corporation and shall consist of 21 members. However, five of such members shall consist of the following persons, who shall be nonvoting members: the executive director of the Department of Economic Opportunity or her or his designee; the head of the Department of Financial Services or her or his designee with expertise in banking matters; a designee of the head of the Department of Financial Services with expertise in insurance matters; one state senator appointed by the President of the Senate; and one representative appointed by the Speaker of the House of Representatives.
435(e) 436Any provision which the incorporators may choose to insert for the regulation of the business and for the conduct of the affairs of the corporation and any provision creating, dividing, limiting, and regulating the powers of the corporation, the directors, stockholders, or any class of the stockholders, including, but not limited to, a list of the officers, and provisions governing the issuance of stock certificates to replace lost or destroyed certificates.
507(f) 508The amount of the authorized capital stock and the number of shares into which it is divided, the par value of each share, and the amount of capital with which it will commence business; if there is more than one class of stock, a description of the different classes; and the names and post office addresses of the subscribers of stock and the number of shares subscribed by each. The aggregate of the subscription shall be the minimum amount of capital with which the corporation shall commence business, which shall not be less than $100,000. The articles of incorporation may also contain any provision consistent with the laws of this state for the regulation of the affairs of the corporation.
