General Laws of Massachusetts - Chapter 157B Cooperative Housing Corporations

• Massachusetts General Laws - Purpose of chapter - Chapter 157B, Section 1
  The purpose of this chapter is to foster safe, decent and affordable housing in the commonwealth by enabling individuals to form cooperative corporations for the...
• Massachusetts General Laws - Application of chapter; amendment of articles of incorporation to comply with chapter - Chapter 157B, Section 2
  This chapter applies to all cooperative corporations organized under it. Any corporation organized under any other chapter of the General Laws may become a cooperative...
• Massachusetts General Laws - Cooperative corporations subject to certain laws - Chapter 157B, Section 3
  All cooperative corporations shall be subject to laws as may be enacted affecting or altering their corporate rights or duties or dissolving them.
• Massachusetts General Laws - Definitions - Chapter 157B, Section 4
  In this chapter, the following words shall have the following meanings:— “board”, board of directors; “by-laws”, the by-laws of a cooperative corporation as they exist...
• Massachusetts General Laws - Application of laws; conflict of laws - Chapter 157B, Section 5
  The provisions of chapter one hundred and fifty-six B shall be applicable to cooperative corporations, and they shall enjoy the powers and privileges, and be...
• Massachusetts General Laws - Articles of organization - Chapter 157B, Section 6
  Three or more persons, residents of the commonwealth, may organize a cooperative corporation by filing articles of organization with the secretary of the commonwealth. The...
• Massachusetts General Laws - Name - Chapter 157B, Section 7
  The name of each cooperative corporation must comply with the provisions of chapter one hundred and fifty-six B and, in addition, must contain the word
• Massachusetts General Laws - Name; forfeiture; judicial action - Chapter 157B, Section 8
  Any person, partnership, association or corporation, domestic or foreign, except cooperative banks and corporations organized under chapter one hundred and fifty-seven, transacting business in the...
• Massachusetts General Laws - Power to make, amend or repeal by-laws - Chapter 157B, Section 9
  The power to make, amend or repeal by-laws shall be reserved to the stockholders.
• Massachusetts General Laws - Articles or by-laws - Chapter 157B, 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...
• Massachusetts General Laws - Net savings; apportionment - Chapter 157B, Section 11
  At least once a year the board of every cooperative corporation shall, after first setting aside an adequate portion of the net savings in a...
• Massachusetts General Laws - Termination of proprietary leases - Chapter 157B, Section 12
  A cooperative corporation may terminate all of its proprietary leases, but only by agreement of proprietary lessees holding at least 80 per cent of its...
• Massachusetts General Laws - Loans - Chapter 157B, Section 13
  Any financial institution organized under the laws of the commonwealth and supervised either by the commissioner of banks or the commissioner of insurance shall be...

Last modified: September 11, 2015