Which document identifies the premises a stockholder may occupy exclusively and defines the rent payable by the stockholder?

• A. Proprietary lease
• B. Bylaws
• C. Declaration
• D. Public Offering Statement

Answer: (A)

The key document is the proprietary lease. In a cooperative, a stockholder owns shares and is granted exclusive, long-term occupancy of a specific unit through this lease. It lays out exactly which unit the stockholder may occupy and what must be paid each month (the rent or carrying charges) to the cooperative. The other documents serve different roles: bylaws govern how the association runs and decisions are made; the declaration outlines property rights and covenants but doesn’t specify who may live in a particular unit or the occupant’s rent; the Public Offering Statement provides disclosures to buyers but does not determine occupancy rights or ongoing charges.