Massachusetts § 7 Subscribers to hold franchise; distribution of shares

Massachusetts Statutes

§ 7 — Subscribers to hold franchise; distribution of shares

Massachusetts § 7

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 158CERTAIN MISCELLANEOUS CORPORATIONS

This text of Massachusetts § 7 (Subscribers to hold franchise; distribution of shares) 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. 158, § 7 (2026).

Text

Section 7. The subscribers to the agreement of association shall hold the franchise until the organization has been completed; and, unless it is otherwise provided in such agreement, each subscriber who elects to take such shares at the first meeting may take such proportion of the shares of the capital stock as the number of subscribers to the agreement bears to the whole number of shares, or any part of such proportion, upon paying the assessments thereon as called for by the corporation. All shares not so taken shall be disposed of as the corporation determines.

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Section 7. The subscribers to the agreement of association shall hold the franchise until the organization has been completed; and, unless it is otherwise provided in such agreement, each subscriber who elects to take such shares at the first meeting may take such proportion of the shares of the capital stock as the number of subscribers to the agreement bears to the whole number of shares, or any part of such proportion, upon paying the assessments thereon as called for by the corporation. All shares not so taken shall be disposed of as the corporation determines.

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Bluebook (online)

Massachusetts § 7, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/158/7.