Massachusetts General Laws ch. 67 sec. 25 – Restrictions on amount of property owned; use of income
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Section 25. Such corporation may hold so much real and personal estate, in addition to its meeting house, as may be necessary for its objects, and no more; and the annual income thereof shall be applied to parochial purposes.
Terms Used In Massachusetts General Laws ch. 67 sec. 25
- 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.