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The 190th General Court of the Commonwealth of Massachusetts

Section 9: Issue of stock or scrip before payment for shares at par

Section 9. No such company established under the laws of this commonwealth shall declare any stock or scrip dividend or divide the proceeds of the sale of stock or scrip among its stockholders; nor shall any such company 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.