§ 10 — Articles or by-laws

Massachusetts § 10

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 157B: COOPERATIVE HOUSING CORPORATIONS

Text

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.