Massachusetts General Laws ch. 156B sec. 19 – Payment for stock; cash or instalments; record; transfer
Section 19. Stock issued for cash may be paid for in full before it is issued or by instalments. If it is paid for by instalments and the shares are certificated, the stock certificate shall be legibly stamped with the words ”per cent paid up, balance payable, stating the manner and time of payment, and shares subject to forfeiture if unpaid,” the facts being truly stated; and, as each instalment is paid, the certificate shall be stamped accordingly. If it is paid for by instalments, and the shares are uncertificated, the same words shall appear on the initial transaction statement issued with respect to the shares pursuant to Article 8 of chapter one hundred and six, the facts being duly stated; and, as each instalment is paid, a periodic statement shall be issued pursuant to said Article 8 reflecting the payment.
Terms Used In Massachusetts General Laws ch. 156B sec. 19
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Except as provided in section twenty-five, stock shall not be transferred on the books of a corporation if any instalments thereon remain overdue and unpaid.