Tropical Isles Mobile Home Park is now owned by Tropical Isles Co-op, Inc., a Florida Not-for-Profit Corporation. The cooperative is, in turn, owned by one-hundred seventy six (176) Members who have purchased a Share in the Co-op. Most, perhaps all, of the Members are new to this form of ownership and are unclear about how the Co-op Corporation will operate.

The following short chapters provide the Members (Co-op owners) with some general information about how the Co-op will conduct business.

F.S. Chapter 719 and the Articles of Incorporation
Chapter One – F.S. Chapter 719 and the Articles of IncorporationTropical Isles Co-op, Inc. is formed under Florida Statute Chapter 719 and, as such, is a legal entity with certain rights, obligations, limitations and responsibilities. The Co-op must operate under this Statute as well as all the laws and regulations that apply to any legal entity of this type.

There is a hierarchy of documents that govern operation in addition to compliance with the law. The Articles of Incorporation are filed with the Florida Department of State and document fundamental information such as the formal name of the Corporation, its address and its initial Registered Agent. The Articles list the Purpose and Powers of the Corporation, define the Corporate Membership and define the fact that the Corporation shall exist perpetually unless dissolved according to the law.

The Articles define the Directors Powers and Duties and list the individuals to serve as the first Board of Directors. This section is important because it defines the fact that, “The Powers of this corporation shall be exercised, its properties controlled and its affairs conducted by a Board of Directors, consisting of not less than three (3) persons. The initial number of directors of the corporation shall be seven (7); provided however, that such number may be changed by a By-Law duly adopted.”

The Articles invest the power to amend or repeal the By-Laws in the Members. The method to amend or repeal the By-Laws is defined. Finally, the Articles define the method by which the Articles of Incorporation themselves may be amended.