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 purpose of developing, acquiring, owning, and operating multi-family housing on a cooperative plan.

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…

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 follow…

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.

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 authorized to make loans secured by a pledge of a proprietary lease and the appurtenant stock of a coope…

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 b…

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.

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 ch…

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 l…

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, sha…

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''.

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''…

Section 9. The power to make, amend or repeal by-laws shall be reserved to the stockholders.