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2017 Massachusetts General Laws
PART I ADMINISTRATION OF THE GOVERNMENT
TITLE XXII CORPORATIONS
Chapter 157B COOPERATIVE HOUSING CORPORATIONS
Section 6 Articles of organization
Universal Citation: MA Gen L ch 157B § 6 (2017)
Section 6. Three or more persons, residents of the commonwealth, may organize a cooperative corporation by filing articles of organization with the secretary of the commonwealth. The articles must meet the requirements of chapter one hundred and fifty-six B, and, in addition, shall state:
(1) whether transfer of its stock is restricted;
(2) whether or not it shall be authorized to pay dividends on its stock, but no cooperative corporation may pay a dividend of more than ten per cent, noncumulative, upon its stock;
(3) whether the transfer value of its stock is restricted.
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