Massachusetts General Laws ch. 157A sec. 2 – Definitions
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Section 2. As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:
Terms Used In Massachusetts General Laws ch. 157A sec. 2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
”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.