Massachusetts § 12 - Improper issue of stock or scrip certificates; effect; penalty
Full text of Massachusetts Massachusetts General Laws § 12 — Improper issue of stock or scrip certificates; effect; penalty, with citation guidance and answers to common questions.
§ 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.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 12
What does Massachusetts General Laws § 12 cover?
Section 12 ("Improper issue of stock or scrip certificates; effect; penalty") is part of the Massachusetts General Laws, the codified statutory law of Massachusetts. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Massachusetts § 12?
A common citation format is "Massachusetts General Laws § 12" (Massachusetts). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Massachusetts law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Massachusetts official source linked on this page or consult a licensed Massachusetts attorney.
How does Massachusetts § 12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Massachusetts can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Massachusetts.