Section 6: Articles of organization
94 words·~1 min read·
/ma/part-i/title-xxii/chapter-157b/6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.