reglab/housing_qa huggingface dataset:
MA Gen L ch 157 § 15 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157 - Co-Operative Corporations|Section 15 - Amendment or Alteration of Articles of Organization

Section 15. Any such corporation may amend or alter its articles of organization in the manner provided by sections seventy to seventy-two, inclusive, of chapter one hundred and fifty-six B, so far as applicable; provided, that such amendment or alteration shall require a vote of three-fourths of the members present and voting at a meeting of the corporation called to consider such amendment or alteration, or if the vote upon such amendment or alteration is taken by mail, by vote of three-fourths of the members who return votes. A vote by mail upon such amendment or alteration shall not be valid unless votes are returned by at least three fifths of the members of the corporation.
MA Gen L ch 157 § 16 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157 - Co-Operative Corporations|Section 16 - Marketing Contracts Between Corporation and Members

Section 16. Any such corporation may enter into marketing contracts with its members by which the members shall agree to sell, for any period of time not exceeding ten years, all or any specified part of their products or of certain specified products exclusively to or through the corporation or any agency designated by it. If such contract provides for a sale to the corporation, title to the products covered thereby shall pass to the corporation absolutely, except for recorded liens, upon delivery or at any other time specified in said contract, if expressly so agreed therein. Any such contract may, however, provide for sale by the corporation of the products of its members with or without acquisition of title to such products by the corporation and may further provide that the corporation shall pay over to the members the resale price after deducting all necessary expenses including any allowances, contributions or deductions authorized by its by-laws or by the contract itself. Such contract shall not be construed as a violation of any provision of sections one to seven, inclusive, of chapter ninety-three, unless it results in an undue enhancement of the price of the product to which the contract applies, nor shall any corporation organized under section ten be liable to prosecution for any action reasonable and proper in the exercise of the rights and powers conferred by sections ten to eighteen, inclusive.
MA Gen L ch 157 § 17 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157 - Co-Operative Corporations|Section 17 - Marketing Contracts; Provisions for Liquidated Damages; Injunction for Breach

Section 17. The marketing contract may fix as liquidated damages specific sums to be paid by a member upon breach of the provisions of said contract requiring sale or delivery of products by the member exclusively to or through the corporation or any agency designated by it, and such provision shall be valid and enforceable in the courts of the commonwealth. Any such corporation may be granted a temporary or permanent injunction against a member for breach or threatened breach of such contract with reference to the said provisions for sale or delivery of products.
MA Gen L ch 157 § 18 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157 - Co-Operative Corporations|Section 18 - Taxation; Filing Fees

Section 18. A corporation organized under the provisions of section ten, and any corporation, association or organization now or hereafter established, organized or chartered without capital stock for a similar purpose under laws other than those of this commonwealth, shall not be liable to taxation under the provisions of chapter sixty-three, but shall be taxable under the provisions of chapter fifty-nine, in the same manner and to the same extent as an individual or partnership. The fee for filing the articles of organization required by section ten, including the issuing by the state secretary of the certificate of incorporation, shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven.
MA Gen L ch 157a § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 1 - Short Title

Section 1. This chapter shall be known and may be cited as the Employee Cooperative Corporations Act.
MA Gen L ch 157a § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 2 - Definitions

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 elected to be governed by the provisions of this chapter.  ''Member'', a natural person who has been accepted for membership in, and owns a membership share issued by an employee cooperative.
MA Gen L ch 157a § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|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.
MA Gen L ch 157a § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 4 - Revocation of Election

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 accordance with section seventy-two of said chapter one hundred and fifty-six B.
MA Gen L ch 157a § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 5 - Corporate Name

Section 5. An employee cooperative may include the word ''cooperative'' or ''co-op'' in its corporate name.
MA Gen L ch 157a § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 6 - Members; Membership Shares; Fees; Rights and Responsibilities

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 as a member unless employed by the employee cooperative on a full time or part time basis.  (b) An employee cooperative shall issue a class of voting stock designated as ''membership shares''. Each member shall own only one such membership share, and only members may own such shares.  (c) Membership shares shall be issued for a fee as shall be determined from time to time by the directors. Sections twenty-four, twenty-five, twenty-eight and thirty of said chapter one hundred and fifty-six B shall not apply to such membership shares. Sections seventy-six and eighty-five to ninety-eight, inclusive, of said chapter one hundred and fifty-six B shall not apply to membership shares whose redemption price is determined by reference to internal capital accounts as defined in section nine.  (d) Members of an employee cooperative shall have all the rights and responsibilities of stockholders of a corporation organized under said chapter one hundred and fifty-six B, except as otherwise provided in this chapter.
MA Gen L ch 157a § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 7 - Voting Shares; By-Laws; Amendment of Articles of Organization

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 in the articles of organization.  (b) Notwithstanding the provisions of section seventeen of said chapter one hundred and fifty-six B, the power to amend, or repeal by-laws of an employee cooperative shall be in the members only, except to the extent that directors are authorized to amend or repeal the by-laws in accordance with said section seventeen.  (c) Sections seventy, seventy-one and seventy-four of said chapter one hundred and fifty-six B shall be construed to limit voting on any amendment of the articles of organization of an employee cooperative to the members, except that amendments adversely affecting the rights of stockholders as defined in section seventy-seven of said chapter one hundred and fifty-six B may not be adopted without the vote of such stockholders as provided in section seventy-one of said chapter one hundred and fifty-six B.
MA Gen L ch 157a § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 8 - Net Earnings or Losses; Apportionment, Distribution and Payment

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 of organization or by-laws shall specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, shall be apportioned among the members in accordance with the ratio which each member's patronage during the period involved bears to total patronage by all members during that period. As used in this chapter, ''patronage'' means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of organization and by-laws.  (b) The apportionment, distribution, and payment of net earnings required by subsection (a) may be in cash, credits, written notices of allocation, or capital stock issued by the employee cooperative.
MA Gen L ch 157a § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 9 - Internal Capital Accounts; Recall or Redemption of Shares; Interest; Collective Reserve Account

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 to determine the redemption price of membership shares, capital stock, and written notices of allocation. As used in this chapter, ''written notice of allocation'' means a written instrument which discloses to a member the stated dollar amount of such member's patronage allocation and the terms for payment of that amount by the employee cooperative.  (b) The articles of organization or by-laws of an employee cooperative may permit the periodic redemption of written notices of allocation and capital stock, and must provide for recall and redemption of the membership share upon termination of membership in the cooperative. No redemption shall be made if such redemption would result in the liability of any director or officer of the employee cooperative under section sixty-one of said chapter one hundred and fifty-six B.  (c) The articles of organization or by-laws may provide for the employee cooperative to pay or credit interest on the balance in each member's internal capital account.  (d) The articles of organization or by-laws may authorize assignment of a portion of retained net earnings and net losses to a collective reserve account. Earnings assigned to the collective reserve account may be used for any and all corporate purposes as determined by the board of directors.
MA Gen L ch 157a § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 10 - Internal Capital Account Cooperatives

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, and a collective reserve account, and in which no persons other than members own capital stock. In an internal capital account cooperative, each member shall have one and only one vote in any matter requiring voting by stockholders.  (b) An internal capital account cooperative shall credit the paid-in membership fee and additional paid-in capital of a member to the member's internal capital account, and shall also record the apportionment of retained net earnings or net losses to the members in accordance with patronage by appropriately crediting or debiting the internal capital accounts of members. The collective reserve account in an internal capital account cooperative shall reflect any paid-in capital, net losses, and retained net earnings not allocated to individual members.  (c) In an internal capital account cooperative, the balances in all the individual internal capital accounts and collective reserve account, if any, shall be adjusted at the end of each accounting period so that the sum of the balances is equal to the net book value of the employee cooperative.  (d) Sections seventy-six and eighty-five to ninety-eight, inclusive, of said chapter one hundred and fifty-six B shall not apply to an internal capital account cooperative.
MA Gen L ch 157a § 11 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157a - Employee Cooperative Corporations|Section 11 - Conversion of Membership Shares and Internal Capital Accounts Upon Revocation of Election; Consolidation or Merger

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 internal capital accounts or their conversion to securities or other property in a manner consistent with said chapter one hundred and fifty-six B.  (b) An employee cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than an employee cooperative. Two or more employee cooperatives may consolidate or merge in accordance with sections seventy-eight, eighty, eighty-one, eighty-four and eighty-five of said chapter one hundred and fifty-six B.
MA Gen L ch 157b § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 1 - Purpose of Chapter

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 purpose of developing, acquiring, owning, and operating multi-family housing on a cooperative plan.
MA Gen L ch 157b § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 2 - Application of Chapter; Amendment of Articles of Incorporation to Comply With Chapter

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 corporation by adopting an amendment to its articles electing to become subject to this chapter and by adopting any further amendment necessary to comply with this chapter. The amendment must be adopted and filed, and shall be effective, according to the chapter under which the corporation was organized before acceptance of this chapter.
MA Gen L ch 157b § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 3 - Cooperative Corporations Subject to Certain Laws

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.
MA Gen L ch 157b § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 4 - Definitions

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 from time to time;  ''cooperative corporation'', a corporation organized or existing under this chapter;  ''limited equity cooperative housing corporation'', a cooperative corporation organized and operated primarily for the benefit of low and moderate income persons, and whose equity, after allowance for maximum transfer value of its stock, is permanently dedicated to providing housing to persons of low or moderate income or to a charitable purposes;  ''member'', a person who holds voting stock of a cooperative corporation;  ''proprietary lease'', an agreement between a cooperative corporation and its stockholder for occupancy of a dwelling unit owned by the cooperative corporation;  ''transfer value'', the value which may be paid or received upon the sale or transfer of the stock of a cooperative corporation.
MA Gen L ch 157b § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 5 - Application of Laws; Conflict of Laws

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 subject to the duties, restrictions and liabilities of other corporations, except where inconsistent with the letter and purpose of this chapter. This chapter shall take precedence in the event of any conflict with provisions of said chapter one hundred and fifty-six B, and any conflict with the provisions of section three A and section four of chapter one hundred and fifty-seven.
MA Gen L ch 157b § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 6 - Articles of Organization

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 articles must meet the requirements of chapter one hundred and fifty-six B, and, in addition, shall state:  (1) whether transfer of its stock is restricted;  (2) whether or not it shall be authorized to pay dividends on its stock, but no cooperative corporation may pay a dividend of more than ten per cent, noncumulative, upon its stock;  (3) whether the transfer value of its stock is restricted.
MA Gen L ch 157b § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 7 - Name

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 ''cooperative''.
MA Gen L ch 157b § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 8 - Name; Forfeiture; Judicial Action

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 commonwealth under any name or title containing the word ''cooperative'' or any close variation, shall forfeit to the commonwealth one hundred dollars for every day such name or title is used. The forfeiture may be recovered by an information brought in the supreme judicial court or superior court by the attorney general or any other person; the court may enjoin such unlawful use and may make such other orders and decrees as justice and equity may require.
MA Gen L ch 157b § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 9 - Power to Make, Amend or Repeal By-Laws

Section 9. The power to make, amend or repeal by-laws shall be reserved to the stockholders.
MA Gen L ch 157b § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|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.
MA Gen L ch 157b § 11 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 11 - Net Savings; Apportionment

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 reserve fund for the general operation of the business, apportion the remainder of the net savings in one or more of the following ways:  (1) as a dividend not to exceed ten per cent, noncumulative, upon one or more classes of stock;  (2) as an equitable distribution or refund to all patrons in proportion to their individual patronage except that (a) in the case of a subscriber patron, the distribution or refund may be credited to the subscriber's account until the subscription has been fully paid, and (b) in the case of a nonmember patron, the amount otherwise distributable may be retained by the cooperative corporation;  (3) this section does not prevent a cooperative corporation from disposing of the net savings by reducing the cost of goods, facilities or services or by applying such net savings otherwise for the common benefit of members;  (4) this section does not prevent a cooperative corporation from adopting a system by which the payment of net savings are deferred for a fixed period of time, nor from adopting a system in which the net savings distributed are partly in cash and partly in stock.
MA Gen L ch 157b § 12 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 157b - Cooperative Housing Corporations|Section 12 - Termination of Proprietary Leases

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 stock or any larger percentage the specified in the articles or by-laws.