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Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 157B, § 6

Current as of January 01, 2025 | Updated by Findlaw Staff

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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Cite this article: FindLaw.com - Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 157B, § 6 - last updated January 01, 2025 | https://codes.findlaw.com/ma/part-i-administration-of-the-government-ch-1-182/ma-gen-laws-ch-157b-sect-6/

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