Mass. Gen. Laws » Part I Title XXII Chapter 161
Massachusetts General Laws

Mass. Gen. Laws ch. 161, § 24 (2026)

Liability prior to payment for capital stock

✓ current as of July 2026
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Section 24. The directors of a company shall be jointly and severally liable, to the extent of its capital stock, for all its debts and contracts, until the whole amount of its capital stock as originally fixed by its agreement of association, or if a chartered company, by its directors, and authorized by the department, shall have been paid in, and until a certificate stating the amount thereof so fixed and paid in shall have been signed and sworn to by its president, treasurer, clerk and a majority of its directors, and filed in the office of the state secretary.

Notes of Decisions
Cited in 1 case, 2014–2014 · leading case: Beacon South Station Assocs., LSE v. Bd. of Assessors, 9 N.E.3d 334 (Mass. App. Ct. 2014).
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Beacon South Station Assocs., LSE v. Bd. of Assessors, 9 N.E.3d 334 (Mass. App. Ct. 2014). “Examination of G. L. c. 161, § 24, as in effect in 2009 and 2010, its legislative purpose, and the case law interpreting the statute compel us to conclude that no part of the property was subject to taxation in 2009 or 2010, and we therefore affirm the decision of the board…”
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