Section 11: Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
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/ma/part-i/title-xxii/chapter-157a/11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 11.
(a)When any employee cooperative revokes its election in accordance with section four, the articles of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with said chapter one hundred and fifty-six B.
(b)An employee cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than an employee cooperative. Two or more employee cooperatives may consolidate or merge in accordance with sections seventy-eight, eighty, eighty-one, eighty-four and eighty-five of said chapter one hundred and fifty-six B.