§ 19 — Sale of unissued capital stock; terms; auction sale

Massachusetts § 19

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 164: MANUFACTURE AND SALE OF GAS AND ELECTRICITY

Text

Section 19. A gas or electric company may issue any unissued shares of its capital stock from time to time authorized under its articles of incorporation in such manner, at such times, upon such terms, and at such price, not less than par, except as otherwise authorized by the department as provided in section eighteen, to be paid in cash, as the directors shall determine and as may be approved by the department. If such shares are to be sold by auction, they shall be offered for sale in the city of Boston or in such other city or town as the department prescribes, and notice of the time and place of the sale shall be published at least five times during the ten days immediately preceding the sale in at least three of such daily newspapers as the department may prescribe.