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March 02, 2024 Clouds | 34°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 99: Increase of capital stock to affect acquisition

Section 99. The purchasing or consolidated company may, for the purposes authorized by sections ninety-six and ninety-seven, increase its capital stock and issue bonds in the manner and subject to the limitations provided in sections thirteen, fourteen, eighteen and nineteen; and may, for the same purpose and subject to the same limitations and notwithstanding any special law applicable thereto, exchange its securities for those of the selling or merged company upon such terms as the department approves; but the aggregate amount of the capital stock and the aggregate amount of the debt, respectively, of the consolidated companies shall not, by reason of such consolidation, be increased.