Massachusetts § 69 - Impaired capital; assessment; effect of non-compliance with commissioner; order
Full text of Massachusetts Massachusetts General Laws § 69 — Impaired capital; assessment; effect of non-compliance with commissioner; order, with citation guidance and answers to common questions.
§ 69. Impaired capital; assessment; effect of non-compliance with commissioner; order
Section 69. If the net assets of the company do not amount to more than three fourths of its capital, it may make good its capital by assessment of its stock.
Shares on which such assessment is not paid within sixty days after demand shall be forfeitable, and may be cancelled by a vote of the directors, and new shares issued to make up the deficiency.
If such company shall not, within three months after notice from the commissioner, make good its capital as aforesaid, or reduce the same as provided in section seventy-one, its authority to transact new business shall cease.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 69
What does Massachusetts General Laws § 69 cover?
Section 69 ("Impaired capital; assessment; effect of non-compliance with commissioner; order") 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 § 69?
A common citation format is "Massachusetts General Laws § 69" (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 § 69 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.