Skip to Content
April 25, 2024 Clear | 42°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 56: Necessity of payment of par for shares; limit upon capital stock

Section 56. A railroad corporation shall not declare any stock or scrip dividend or divide the proceeds of the sale of stock or scrip among its stockholders; nor shall any such corporation issue any share of stock to any person unless the par value of the shares so issued is first paid in cash to its treasurer; nor shall it without authority of the general court increase its capital stock beyond the maximum amount fixed by its act of incorporation, or fixed under sections forty-one, forty-seven and forty-eight.