Section 10. A corporation may in its corporate name purchase, hold and convey real and personal property necessary for the purposes of its organization; may carry on its business, or so much thereof as is convenient, beyond the limits of this commonwealth, and may there purchase and hold real or personal property necessary for conducting its business; but it shall not direct its operations or appropriate its funds to any other purpose than that specified in its agreement of association or its charter, as the case may be, except as provided in the following section and in sections twenty-two and twenty-three of chapter one hundred and sixty-four. No conveyance or mortgage of its real property, or lease thereof for more than one year, shall be made unless authorized by a vote of the stockholders at a meeting called for the purpose.

Terms Used In Massachusetts General Laws ch. 158 sec. 10

  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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