Section 88. A railroad corporation operating a railroad or portion thereof in the commonwealth, or a railway company, may, by vote of its directors, associate itself with seven or more of its employees in forming a corporation under section eighty-six, or may, upon the invitation of any such corporation, become a member thereof, and may from time to time aid such corporation by contributions to its funds or otherwise. The by-laws of such corporation shall provide for the manner in which the railroad corporation or railway company shall vote and be represented in said corporation. The funds of such corporation shall not be liable to attachment by trustee process, or be liable to be taken on execution or on any other process, legal or equitable, to satisfy any debt or liability of the railroad corporation or railway company or of any member of the corporation.

Terms Used In Massachusetts General Laws ch. 159 sec. 88

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Trustee: A person or institution holding and administering property in trust.
  Previous section
Next section  
 Chapter 159 Contents