Massachusetts § 7 - Subscribers to hold franchise; distribution of shares
Full text of Massachusetts Massachusetts General Laws § 7 — Subscribers to hold franchise; distribution of shares, with citation guidance and answers to common questions.
§ 7. Subscribers to hold franchise; distribution of shares
Section 7. The subscribers to the agreement of association shall hold the franchise until the organization has been completed; and, unless it is otherwise provided in such agreement, each subscriber who elects to take such shares at the first meeting may take such proportion of the shares of the capital stock as the number of subscribers to the agreement bears to the whole number of shares, or any part of such proportion, upon paying the assessments thereon as called for by the corporation. All shares not so taken shall be disposed of as the corporation determines.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 7
What does Massachusetts General Laws § 7 cover?
Section 7 ("Subscribers to hold franchise; distribution of shares") 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 § 7?
A common citation format is "Massachusetts General Laws § 7" (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 § 7 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.