Massachusetts General Laws ch. 176C sec. 16 – Salaries, compensation or emoluments
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Section 16. No corporation subject to this chapter shall pay any salary, compensation or emolument to any officer, trustee or director thereof, nor shall any such corporation pay any salary, compensation or emolument, amounting in any year to more than five thousand dollars, to any person, unless such payment be first authorized by a vote of its board of directors. No corporation subject to this chapter shall make any agreement with any of its officers, trustees or employees whereby it agrees that for any services rendered or to be rendered he shall receive any salary, compensation or emolument for a period of more than three years from the date of such agreement.
Terms Used In Massachusetts General Laws ch. 176C sec. 16
- 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.
- Trustee: A person or institution holding and administering property in trust.