General Laws of Massachusetts - Chapter 157B Cooperative Housing Corporations - Section 10 Articles or by-laws

Section 10. The articles or by-laws may provide:

(a) for election of directors and other officials by unit or district;

(b) for voting by stockholders on the basis of one vote per member or one vote per dwelling unit rather than one vote per share;

(c) that any action required or permitted to be taken at a meeting of stockholders may be taken by mail ballot;

(d) for a method of membership representation of stockholders at meetings by delegates from units or districts, provided that delegates must be proportional to the number of members in each unit district;

(e) for redemption or recall of stock;

(f) for termination of membership rights and privileges of a stockholder;

(g) standards for eligibility to become a stockholder;

(h) for the allocation of its net savings among the uses permitted in section twelve.

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Last modified: September 11, 2015