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  • 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.