Massachusetts General Laws ch. 161 sec. 37 – Effect of issue; liability of directors
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Section 37. A certificate of stock or scrip issued in violation of the preceding section shall be void; and each director of the company issuing it shall be liable to a penalty of one thousand dollars, to be recovered by indictment in the county where he resides, or, if he resides in no county in the commonwealth, in the county where he is commorant, or the offence was committed; but if any such director proves that, before such issue, he filed his written dissent thereto with the clerk, and at no time voted therefor, he shall not be so liable.
Terms Used In Massachusetts General Laws ch. 161 sec. 37
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.