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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 158 CERTAIN MISCELLANEOUS CORPORATIONS
  • Section 26 Employees’ stock; issuance

Section 26. A corporation may, by a vote of its general stockholders at a meeting called for the purpose, issue employees’ stock to be held only by the employees of such corporation. The par value of the shares of such employees’ stock shall be ten dollars, and the purchasers thereof may pay for them in monthly instalments of one dollar upon each share. The total amount of such employees’ stock outstanding at any time shall not exceed two fifths of the actual capital paid in on the general and employees’ stock.