[HISTORY: Adopted by the Legislature of the
Menominee Indian Tribe 5-17-2007 by Ord. No. 07-09. Amendments noted where
applicable.]
This business of the Menominee Indian Tribe
of Wisconsin is chartered pursuant to Article XIII of the Constitution
and Bylaws of the Menominee Indian Tribe of Wisconsin.
The purpose of this business is to provide housing
for Menominee tribal members on the Menominee Indian Reservation utilizing
the Wisconsin Housing and Economic Development Authority's Federal
Tax Credit Program.
The form of this business shall be a limited
partnership certified under the laws of the State of Wisconsin.
The general partner of this limited partnership
shall be the Wolf River Development Company, a business chartered
by the Menominee Indian Tribe of Wisconsin.[1]
The limited partners of this limited partnership
shall be designated by the Wolf River Development Company.
The business shall possess all powers allowed
pursuant to Article XIII of the Constitution and Bylaws of the Menominee
Indian Tribe of Wisconsin, including the power to hold leasehold interests
in tribal property.
The limited partners shall own 99.99% of the
assets of the limited partnership. The general partner shall own 0.01%
of the assets of the limited partnership. After all the tax credits
have been given out pursuant to the award from the Wisconsin Housing
and Economic Development Authority, the limited partners shall transfer
all interest in the assets of the business to the general partner
pursuant to the terms of the limited partnership agreement.
The general partner shall exercise 100% control
over the business of the limited partnership.
The general and limited partners shall act in
accordance with their limited partnership agreement.
All monies collected as rent pursuant to the
project shall become assets of the general partner to be used to maintain
said project.
The business shall report to the Menominee Tribal
Legislature when requested.
