General Laws of Massachusetts - Chapter 176F Optometric Service Corporations - Section 2 Incorporators; formation; articles of organization; certification

Section 2. For the purpose of establishing, maintaining and operating a non-profit optometric service plan, seven or more persons may form an optometric service corporation. Such a corporation shall be formed in the manner prescribed in and subject to section nine of chapter one hundred and fifty-five and sections six and eight to twelve, inclusive, of chapter one hundred and fifty-six, except as follows:—

The agreement of association of a corporation having no capital stock may omit the statement of the amount of the capital stock and the par value and number of its shares. The fee to be paid to the state secretary upon the filing of the articles of organization shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven.

The articles of organization specified in section ten of said chapter one hundred and fifty-six, with the records and by-laws of the corporation shall be submitted to the commissioner instead of to the commissioner of revenue, and he shall have the powers and perform the duties relative thereto specified in section eleven of said chapter one hundred and fifty-six.

The certificate issued by the state secretary under section twelve of said chapter one hundred and fifty-six shall be modified to conform to the requirements of this section.

The commissioner shall not approve the articles of organization of such a corporation until he is satisfied by such examination as he may make and such evidence as he may require, that the incorporators are of good repute and intend in good faith to operate the corporation and that an adequate initial reserve fund has been established to protect the subscribers. He shall execute a certificate of his findings, which shall be attached to the articles of organization prior to the filing thereof with the state secretary.

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Last modified: September 11, 2015