Massachusetts § 37 Directors' liability

Massachusetts Statutes

§ 37 — Directors' liability

Massachusetts § 37

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 156BUSINESS CORPORATIONS

This text of Massachusetts § 37 (Directors' liability) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 156, § 37 (2026).

Text

Section 37. The directors of every corporation shall be jointly and severally liable for the debts and contracts of the corporation in the following cases:First. For declaring or assenting to a dividend if the corporation is, or thereby is rendered, bankrupt or insolvent, to the extent of such dividend.Second. For debts contracted between the time of making or assenting to a loan to a stockholder or director and the time of its repayment, to the extent of such loan.Directors who vote against declaring said dividend or who vote against making said loan shall not be liable as aforesaid.

Free access — add to your briefcase to read the full text and ask questions with AI

Section 37. The directors of every corporation shall be jointly and severally liable for the debts and contracts of the corporation in the following cases:First. For declaring or assenting to a dividend if the corporation is, or thereby is rendered, bankrupt or insolvent, to the extent of such dividend.Second. For debts contracted between the time of making or assenting to a loan to a stockholder or director and the time of its repayment, to the extent of such loan.Directors who vote against declaring said dividend or who vote against making said loan shall not be liable as aforesaid.

View on official source ↗

Cite This Page — Counsel Stack

Bluebook (online)

Massachusetts § 37, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/156/37.