Massachusetts General Laws ch. 180 sec. 1 – Application of chapter
Section 1. This chapter shall apply to all corporations whenever established, except so far as such application may be inconsistent with provisions still in force of any special acts of incorporation, enacted before March eleventh, eighteen hundred and thirty-one, and not subject to amendment, alteration or repeal by the general court, or with provisions of any special acts of incorporation enacted after October first, nineteen hundred and seventy-one.
Terms Used In Massachusetts General Laws ch. 180 sec. 1
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
All corporations existing on October first, nineteen hundred and seventy-one and their directors, officers, members and stockholders shall be entitled to all the rights, privileges and immunities and be subject to all the liabilities set forth in this chapter to the same extent as corporations formed under this chapter and their directors, officers and members; provided that this chapter shall not take away or impair any remedy which may exist by law against a corporation existing on said date, its directors, officers, members or stockholders, for a liability incurred prior thereto.
All corporations shall be subject to such laws as may be enacted after October first, nineteen hundred and seventy-one affecting or altering their corporate rights or duties or dissolving them.