Massachusetts General Laws
Chapter 157a - Employee Cooperative Corporations
Section 3 - Corporations Organized Under Chapter 156d; Election to Be Governed as Employee Cooperative

Section 3. Any corporation organized under chapter 156D may elect to be governed as an employee cooperative under this chapter, by so stating in its articles of organization or articles of amendment filed in accordance with chapter 156B.
A corporation so electing shall be governed by all provisions of said chapter one hundred and fifty-six B other than sections seventy-eight to eighty-five, inclusive, except as otherwise provided in this chapter.

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Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XXII - Corporations

Chapter 157a - Employee Cooperative Corporations

Section 1 - Short Title

Section 2 - Definitions

Section 3 - Corporations Organized Under Chapter 156d; Election to Be Governed as Employee Cooperative

Section 4 - Revocation of Election

Section 5 - Corporate Name

Section 6 - Members; Membership Shares; Fees; Rights and Responsibilities

Section 7 - Voting Shares; By-Laws; Amendment of Articles of Organization

Section 8 - Net Earnings or Losses; Apportionment, Distribution and Payment

Section 9 - Internal Capital Accounts; Recall or Redemption of Shares; Interest; Collective Reserve Account

Section 10 - Internal Capital Account Cooperatives

Section 11 - Conversion of Membership Shares and Internal Capital Accounts Upon Revocation of Election; Consolidation or Merger