Massachusetts § 11 - Payment of price of share

§ 11. Payment of price of share

Section 11. No gas or electric company shall declare any stock or scrip dividend or divide the proceeds of the sale of stock or scrip among its stockholders unless the department approves; nor shall any gas or electric company except as provided in this chapter issue any share of stock to any person unless the par value of the shares so issued or the price thereof as fixed and determined under sections eighteen and nineteen is first paid in cash to its treasurer. The conveyance to such company of real or personal property shall be deemed a sufficient paying in of its original capital stock to such amount as may be approved by the department under the provisions of section fourteen.