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2017 Massachusetts General Laws
PART I ADMINISTRATION OF THE GOVERNMENT
TITLE XXII CORPORATIONS
Chapter 156B CERTAIN BUSINESS CORPORATIONS
Section 60 Improper stock issue; liability of directors
Universal Citation: MA Gen L ch 156B § 60 (2017)
Section 60. If stock of a corporation is issued for a consideration which does not comply with the requirements of sections eighteen or twenty-one, the directors who voted to authorize such issuance and the president and the treasurer of the corporation shall be jointly and severally liable to any stockholder to the extent of the actual damage sustained by such stockholder by reason of such issuance. Nothing in this section shall limit any liability imposed on such director or officer in respect of stock issued in contravention of any provision of the articles of organization.
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