General Laws of Massachusetts - Chapter 157A Employee Cooperative Corporations

• Massachusetts General Laws - Short title - Chapter 157A, Section 1
  This chapter shall be known and may be cited as the Employee Cooperative Corporations Act.
• Massachusetts General Laws - Definitions - Chapter 157A, Section 2
  As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings: “Employee cooperative”, a corporation which has...
• Massachusetts General Laws - Corporations organized under chapter 156D; election to be governed as employee cooperative - Chapter 157A, 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...
• Massachusetts General Laws - Revocation of election - Chapter 157A, Section 4
  An employee cooperative may revoke its election under this chapter by a vote of two-thirds of the members and through articles of amendment filed in...
• Massachusetts General Laws - Corporate name - Chapter 157A, Section 5
  An employee cooperative may include the word “cooperative” or “co-op” in its corporate name.
• Massachusetts General Laws - Members; membership shares; fees; rights and responsibilities - Chapter 157A, Section 6
  (a) The articles of organization or the by-laws shall establish qualifications and the method of acceptance and termination of members. No person may be accepted...
• Massachusetts General Laws - Voting shares; by-laws; amendment of articles of organization - Chapter 157A, Section 7
  (a) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter or...
• Massachusetts General Laws - Net earnings or losses; apportionment, distribution and payment - Chapter 157A, Section 8
  (a) The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the articles...
• Massachusetts General Laws - Internal capital accounts; recall or redemption of shares; interest; collective reserve account - Chapter 157A, Section 9
  (a) Any employee cooperative may establish through its articles of organization or by-laws a system of internal capital accounts, to reflect the book value and...
• Massachusetts General Laws - Internal capital account cooperatives - Chapter 157A, Section 10
  (a) An internal capital account cooperative is an employee cooperative whose entire net book value is reflected in internal capital accounts, one for each member,...
• Massachusetts General Laws - Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger - Chapter 157A, Section 11
  (a) When any employee cooperative revokes its election in accordance with section four, the articles of amendment shall provide for conversion of membership shares and...

Last modified: September 11, 2015