Massachusetts § 10 Effect of issue of stock or scrip before payment for shares; liability of directors

Massachusetts Statutes

§ 10 — Effect of issue of stock or scrip before payment for shares; liability of directors

Massachusetts § 10

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 166TELEPHONE AND TELEGRAPH COMPANIES, AND LINES FOR THE TRANSMISSION OF ELECTRICITY

This text of Massachusetts § 10 (Effect of issue of stock or scrip before payment for shares; 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. 166, § 10 (2026).

Text

Section 10. All certificates of stock or scrip issued in violation of the preceding section shall be void; and the directors of the corporation which issues them shall be liable to a penalty of one thousand dollars each, to be recovered by indictment in any county where any of them reside; but if any such director proves that, before such issue, he filed his written dissent thereto with the clerk, or was absent and at no time voted therefor, he shall not be so liable.

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

Section 10. All certificates of stock or scrip issued in violation of the preceding section shall be void; and the directors of the corporation which issues them shall be liable to a penalty of one thousand dollars each, to be recovered by indictment in any county where any of them reside; but if any such director proves that, before such issue, he filed his written dissent thereto with the clerk, or was absent and at no time voted therefor, he shall not be so liable.

View on official source ↗

Cite This Page — Counsel Stack

Bluebook (online)

Massachusetts § 10, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/166/10.