# Mass. Gen. Laws ch. 121A, sec. 3: Establishment of corporations to carry out projects; number of projects for each corporation; co-operative corporations > Massachusetts · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S3 ## Section - **Citation:** Mass. Gen. Laws ch. 121A, sec. 3 - **Heading:** Establishment of corporations to carry out projects; number of projects for each corporation; co-operative corporations - **Jurisdiction:** Massachusetts - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** MA Code / Part I / Title XVII / Chapter 121A / Section 3 ## Text Section 3. Three or more persons may associate themselves by written agreement of association in a form furnished or approved by the commissioner of corporations and taxation with intent to form a corporation for the purpose of undertaking and carrying out in the city of Boston a project authorized and approved by the Boston Redevelopment Authority or for the purpose of undertaking and carrying out in any other city or town a project authorized and approved, or to be authorized and approved, by the housing board. No such corporation shall undertake more than one project or engage in any other type of activity. A charitable corporation organized under chapter one hundred and eighty, the property of which cannot on dissolution or otherwise inure to the benefit of any private person or entity, and which is approved by the local renewal agency, is hereby empowered to act as an Urban Redevelopment Corporation pursuant to all other provisions of this chapter, except as hereinafter provided, for the purpose of rehabilitating and improving residential housing. Such a corporation may sell any redevelopment project within fifteen years or such further time as may be provided under section ten, provided that any profits shall be employed in further redevelopment projects. Such a corporation shall be exempt from the provisions of section nine, provided that surplus earning profits from such projects, however, categorized, shall be employed in further urban redevelopment projects. The laws relative to corporations organized under and subject to chapter one hundred and fifty-six, except section seven of said chapter, as far as consistent with the provisions of this chapter and rules and regulations made under authority thereof, shall apply to corporations so formed and such corporations are hereby declared to be instrumentalities of the commonwealth. Any corporation organized under this chapter may, if the written agreement of association shall so provide, operate as a co-operative corporation in a manner similar to that provided in chapter one hundred and fifty-seven; provided, however, that if there is any inconsistency between the provisions of such chapter one hundred and fifty-seven and the provisions of this chapter, the provisions of this chapter shall be controlling. Section 3. Three or more persons may associate themselves by written agreement of association in a form furnished or approved by the commissioner of corporations and taxation with intent to form a corporation for the purpose of undertaking and carrying out in the city of Boston a project authorized and approved by the Boston Redevelopment Authority or for the purpose of undertaking and carrying out in any other city or town a project authorized and approved, or to be authorized and approved, by the housing board. No such corporation shall undertake more than one project or engage in any other type of activity. A charitable corporation organized under chapter one hundred and eighty, the property of which cannot on dissolution or otherwise inure to the benefit of any private person or entity, and which is approved by the local renewal agency, is hereby empowered to act as an Urban Redevelopment Corporation pursuant to all other provisions of this chapter, except as hereinafter provided, for the purpose of rehabilitating and improving residential housing. Such a corporation may sell any redevelopment project within fifteen years or such further time as may be provided under section ten, provided that any profits shall be employed in further redevelopment projects. Such a corporation shall be exempt from the provisions of section nine, provided that surplus earning profits from such projects, however, categorized, shall be employed in further urban redevelopment projects. sell any redevelopment project within fifteen years or such further time as may be provided under section ten, provided that any profits shall be employed in further redevelopment projects. Such a corporation shall be exempt from the provisions of section nine, provided that surplus earning profits from such projects, however, categorized, shall be employed in further urban redevelopment projects. The laws relative to corporations organized under and subject to chapter one hundred and fifty-six, except section seven of said chapter, as far as consistent with the provisions of this chapter and rules and regulations made under authority thereof, shall apply to corporations so formed and such corporations are hereby declared to be instrumentalities of the commonwealth. Any corporation organized under this chapter may, if the written agreement of association shall so provide, operate as a co-operative corporation in a manner similar to that provided in chapter one hundred and fifty-seven; provided, however, that if there is any inconsistency between the provisions of such chapter one hundred and fifty-seven and the provisions of this chapter, the provisions of this chapter shall be controlling. ## Nearby sections - [Mass. Gen. Laws ch. 121A, sec. 1 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S1.md) - [Mass. Gen. Laws ch. 121A, sec. 2 Declaration of public necessity; acquisition and regulation of private property](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S2.md) - [Mass. Gen. Laws ch. 121A, sec. 3 Establishment of corporations to carry out projects; number of projects for each corporation; co-operative corporations](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S3.md) - [Mass. Gen. Laws ch. 121A, sec. 4 Rules and regulations of housing boards; standards for project plans; variations](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S4.md) - [Mass. Gen. Laws ch. 121A, sec. 5 Application for approval of project; contents](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S5.md) - [Mass. Gen. Laws ch. 121A, sec. 6 Project approval; procedure](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S6.md) - [Mass. Gen. Laws ch. 121A, sec. 6A Contracts; contents; filing; inspection; approval; collection of amounts payable](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S6A.md) - [Mass. Gen. Laws ch. 121A, sec. 6B Notice of hearing](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S6B.md) - [Mass. Gen. Laws ch. 121A, sec. 6C Appeals; procedure](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S6C.md) - [Mass. Gen. Laws ch. 121A, sec. 7 Borrowing money to finance project; capital stock subscriptions and sale; stocks, bonds or other securities of corporation as legal investments](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S7.md) - [Mass. Gen. Laws ch. 121A, sec. 7A Purchase or lease of real estate by urban redevelopment corporation from housing authority; approval](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S7A.md) - [Mass. Gen. Laws ch. 121A, sec. 8 Inspection of buildings; proceedings upon violation of rules and regulations with respect to construction and financing; injunction](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S8.md) - [Mass. Gen. Laws ch. 121A, sec. 9 Limitation in repayment of investment in stock; limitations of dividends](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S9.md) - [Mass. Gen. Laws ch. 121A, sec. 10 Exemption from taxation and assessments; valuation; appeals; annual payment; additional tax and project approval procedure](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S10.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXVII_C121A_S3. Check the current official text before relying on it. Not legal advice.