- Borettslag
Borettslag or BL is the legal entity for
housing cooperative s inNorway . The company is owned by those who live in the cooperative, the partholders. Each part gives the right to live in the cooperative, and thus in a particular apartment or house. A partholder is free to sell their part, but the cooperativestatute can give internalfirst refusal . The "borettslag" owns the buildings and lot the buildings are on. The highest authority in the cooperative is theAnnual general meeting that elects theboard of directors , who are responsible for daily operations.Usually a large share of the construction costs of the property is finance through common
debt , that is issued to the cooperative, and not to the individuals. This debt, along with the costs to cover running the grounds, is charged to the owners asrent . Some cooperatives are members of ahousing association , which again are members of theNorwegian Federation of Co-operative Housing Associations . Previously only housing associations could create cooperatives, but now this right is also granted to commercial developers, who often create a lot smaller cooperatives.
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