Massachusetts General Laws ch. 160 sec. 42 – Corporation consolidated with one in another state; unauthorized capital stock increase
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Section 42. If a railroad corporation owning a railroad in this commonwealth and consolidated with a corporation owning a railroad in another state increases its capital stock, or the capital stock of such consolidated corporation, except as authorized by this chapter or chapter one hundred and fifty-nine, without authority of the general court, or without such authority extends its line of railroad, or consolidates with any other corporation, or makes a stock dividend, the charter and franchise of such corporation shall be subject to forfeiture.
Terms Used In Massachusetts General Laws ch. 160 sec. 42
- 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.