Mass. Gen. Laws ch. 157B § 6

Current through Chapter 223 of the 2024 Legislative Session

Section 157B:6 - Articles of organization

Three or more persons, residents of the commonwealth, may organize a cooperate 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.

Mass. Gen. Laws ch. 157B, § 6