Section 4. In addition to the powers and privileges given by section six of chapter one hundred and fifty-five, every corporation shall have the following powers and privileges:

Terms Used In Massachusetts General Laws ch. 156 sec. 4

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.

(a) To have perpetual succession in its corporate name, unless a period for its duration is limited by any general or special law.

(b) Except as provided in section two, to have a capital stock to such an amount as may be fixed, as provided in this chapter, in its agreement of association or articles of organization or of amendment.

(c) To hold, purchase, convey, mortgage or lease within or without this commonwealth such real or personal property as the purposes of the corporation may require.

(d) To make contracts, incur liabilities and borrow money on its credit and for its use.

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