Massachusetts General Laws ch. 15A sec. 41 – Fees for approval of articles or certificates; revenue
Section 41. The board of higher education may establish fees to be charged to independent institutions of higher education which seek approval of articles of organization, articles of amendment, or foreign corporation certificates pursuant to sections 30, 30A, 31, and 31A of chapter 69 and which transfer records to the board of higher education pursuant to section 31B of said chapter 69. The revenue received from the collection of the fees shall be retained by the board of higher education in a revolving trust fund and shall be expended solely for carrying out said sections. Fees shall not be greater than the costs incurred by the board of higher education in implementing said sections. The board of higher education shall report annually to the house and senate committee on ways and means the amount of funds collected and any expenditures made from the funds.
Terms Used In Massachusetts General Laws ch. 15A sec. 41
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.