A resident management corporation must consist of residents residing in public housing and have each of the following characteristics in order to receive official recognition by the HA and HUD:
(a) It shall be a non-profit organization that is validly incorporated under the laws of the State in which it is located;
(b) It may be established by more than one resident council, so long as each such council:
(1) Approves the establishment of the corporation; and
(2) Has representation on the Board of Directors of the corporation;
(c) It shall have an elected Board of Directors, and elections must be held at least once every three (3) years;
(d) Its by-laws shall require the Board of Directors to include resident representatives of each resident council involved in establishing the corporation; include qualifications to run for office, frequency of elections, procedures for recall, and term limits if desired.
(e) Its voting members shall be heads of households (any age) and other residents at least 18 years of age and whose name appears on the lease of a unit in the public housing represented by the resident management corporation;
(f) Where a resident council already exists for the development, or a portion of the development, the resident management corporation shall be approved by the resident council board and a majority of the residents. If there is no resident council, a majority of the residents of the public housing development it will represent must approve the establishment of such a corporation for the purposes of managing the project; and
(g) It may serve as both the resident management corporation and the resident council, so long as the corporation meets the requirements of this part for a resident council.