Massachusetts General Laws ch. 157 sec. 11 – Powers of corporations organized under Sec. 10
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Section 11. Any corporation organized under the preceding section shall have power to mortgage or pledge its real or personal property and to issue promissory notes or other evidences of indebtedness. Such corporation shall also have power to establish reserves and invest the funds thereof in such manner as it may deem advisable or as may be provided in its by-laws; and to exercise all other powers, rights and privileges necessary or incidental to the purposes for which said corporation was organized or to the activities in which it is engaged; provided, however, that no such corporation shall handle the products of any non-member, except for storage.
Terms Used In Massachusetts General Laws ch. 157 sec. 11
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.