Section 6 Members; membership shares; fees; rights and responsibilities - Massachusetts Statutes

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.