Massachusetts General Laws ch. 156B sec. 4 – Rights and liabilities of existing corporations, directors, officers and stockholders
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Section 4. All corporations existing on October first, nineteen hundred and sixty-five and their directors, officers and stockholders shall be entitled to all the rights, privileges and immunities and be subject to all the liabilities set forth in this chapter to the same extent as corporations formed under this chapter and their directors, officers and stockholders; provided that this chapter shall not take away or impair any remedy which may exist by law against a corporation existing on said date, its directors, officers or stockholders, for a liability incurred prior thereto.
Terms Used In Massachusetts General Laws ch. 156B sec. 4
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.