Section 10: Articles or by-laws
139 words·~1 min read·
/ma/part-i/title-xxii/chapter-157b/10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 10. The articles or by-laws may provide:
(a)for election of directors and other officials by unit or district;
(b)for voting by stockholders on the basis of one vote per member or one vote per dwelling unit rather than one vote per share;
(c)that any action required or permitted to be taken at a meeting of stockholders may be taken by mail ballot;
(d)for a method of membership representation of stockholders at meetings by delegates from units or districts, provided that delegates must be proportional to the number of members in each unit district;
(e)for redemption or recall of stock;
(f)for termination of membership rights and privileges of a stockholder;
(g)standards for eligibility to become a stockholder;
(h)for the allocation of its net savings among the uses permitted in section twelve.