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December 23, 2024 Clear | 9°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 19: Payment for stock; cash or instalments; record; transfer

Section 19. Stock issued for cash may be paid for in full before it is issued or by instalments. If it is paid for by instalments and the shares are certificated, the stock certificate shall be legibly stamped with the words ''per cent paid up, balance payable, stating the manner and time of payment, and shares subject to forfeiture if unpaid,'' the facts being truly stated; and, as each instalment is paid, the certificate shall be stamped accordingly. If it is paid for by instalments, and the shares are uncertificated, the same words shall appear on the initial transaction statement issued with respect to the shares pursuant to Article 8 of chapter one hundred and six, the facts being duly stated; and, as each instalment is paid, a periodic statement shall be issued pursuant to said Article 8 reflecting the payment.

Except as provided in section twenty-five, stock shall not be transferred on the books of a corporation if any instalments thereon remain overdue and unpaid.