qualified manufactured home community cooperative or corporation means a cooperative or a nonprofit corporation established pursuant to the laws of the State in which the property used as a manufactured home community is located, and which— (i) in the case of a community owned by a nonprofit corporation whose membership interests are sold on a nonappreciating basis, has only 1 class of membership and such class consists solely of residents, and (ii) in the case of a community owned by a cooperative, has not more than 2 classes of membership, and such classes consist solely of residents and a tax-exempt organization. (B) Governance An entity shall not be treated as a qualified manufactured home community cooperative or corporation unless governance of the entity is carried out by members elected to a board of directors with voting structured equitably among all members. (C) Member The term member means— (i) an individual who— (I) has attained the age of 18, (II) is entitled to be a member by reason of— (aa) the membership interest of the individual to execute an occupancy agreement with the manufactured home community cooperative nonprofit with respect to a site in the manufactured home community in order to establish a manufactured home which is owned by the individual, or (bb) permission from the manufactured community cooperative or corporation, the member’s trust, or other entity, and (III) is a resident of the manufactured home community, and (ii) a tax exempt organization. (4) Membership interest The term membership interest means— (A) an ownership interest in a manufactured home community cooperative or corporation, or (B) a membership interest in a manufactured home community nonprofit corporation. (5) Manufactured home The term manufactured home means a structure which is transportable in one or more sections, which— (A) in traveling mode, is 8 body feet or more in width and 40 body feet or more in length, or, when erected on site, is 320 square feet or more, (B) is built on a permanent chassis and