§ 1 Short title
§ 2 Definitions
§ 3 Corporations organized under chapter 156D; election to be governed as employee cooperative
§ 4 Revocation of election
§ 5 Corporate name
§ 6 Members; membership shares; fees; rights and responsibilities
§ 7 Voting shares; by-laws; amendment of articles of organization
§ 8 Net earnings or losses; apportionment, distribution and payment
§ 9 Internal capital accounts; recall or redemption of shares; interest; collective reserve account
§ 10 Internal capital account cooperatives
§ 11 Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
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Terms Used In Massachusetts General Laws > Chapter 157A - Employee Cooperative Corporations

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • patronage: means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of organization and by-laws. See Massachusetts General Laws ch. 157A sec. 8