Borettslag or BL is the legal entity for housing cooperatives in Norway. 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 cooperative statute can give internal first refusal. The borettslag owns the buildings and lot the buildings are on. The highest authority in the cooperative is the Annual general meeting that elects the board of directors, who are responsible for daily operations.