Section 112. If a corporation fails or refuses to file its annual report within the time prescribed by section one hundred and nine, the state secretary shall subject the filing of the report to the payment of an additional fee, to be set at an initial rate of twenty-five dollars, to be subsequently determined from time to time by the secretary of administration and finance pursuant to the provisions of section three B of chapter seven.

Terms Used In Massachusetts General Laws ch. 156B sec. 112

  • 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.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts

If the corporation fails to file the annual report within six months of the date prescribed by section one hundred and nine, the state secretary may give notice by mail postage prepaid, to such corporation of its default. If it omits to file such report within thirty days after notice of default has been given, it shall pay, in addition to the sum provided above, not less than five dollars nor more than ten dollars for each day for fifteen days after the expiration of said thirty days, and not less than ten dollars nor more than two hundred dollars for each day thereafter during which such default continues, or any other sum, not greater than the maximum penalty or forfeiture, which the court may deem just and equitable.

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