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The 189th General Court of the Commonwealth of Massachusetts

Section 12: Improper issue of stock or scrip certificates; effect; penalty

Section 12. All certificates of stock or scrip issued in violation of the preceding section shall be void; and the directors of the corporation which issues them shall be liable to a penalty of one thousand dollars each, to be recovered by indictment in any county where any of them reside; but if any such director proves that, before such issue, he filed his written dissent thereto with the clerk, and at no time voted therefor, he shall not be so liable.