Found this forum thread: [http://forum.unity3d.com/threads/dont-have-possibility-to-fold-code-in-monodevelop.222058/][1]
User *anlop* in thread comment #5 says that it may not work for JS, but for C#:
Tools -> Options -> Text Editor -> General, and tick "Enable code folding".
[1]: http://forum.unity3d.com/threads/dont-have-possibility-to-fold-code-in-monodevelop.222058/
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