Massachusetts General Laws ch. 179 sec. 16 – Termination of corporation
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Section 16. A final division of the common property shall not dissolve the corporation until the expiration of ten years thereafter; but the proprietors at the time of the division and their heirs shall retain their corporate powers for the purpose of collecting all assessments, debts and effects due or belonging to the corporation, and shall be liable for its debts.
Terms Used In Massachusetts General Laws ch. 179 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.