Massachusetts Statutes
§ 60 — Improper stock issue; liability of directors
Massachusetts § 60
JurisdictionMassachusetts
Part IADMINISTRATION OF THE GOVERNMENT
Title XXIICORPORATIONS
Ch. 156BCERTAIN BUSINESS CORPORATIONS
This text of Massachusetts § 60 (Improper stock issue; liability of directors) 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. 156B, § 60 (2026).
Text
Section 60. If stock of a corporation is issued for a consideration which does not comply with the requirements of sections eighteen or twenty-one, the directors who voted to authorize such issuance and the president and the treasurer of the corporation shall be jointly and severally liable to any stockholder to the extent of the actual damage sustained by such stockholder by reason of such issuance. Nothing in this section shall limit any liability imposed on such director or officer in respect of stock issued in contravention of any provision of the articles of organization.
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Bluebook (online)
Massachusetts § 60, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/156B/60.