Section 18. Such stock corporation may grant options to purchase, issue and sell shares of its capital stock to its directors, officers and employees, or to a trustee on their behalf, without first offering the same to its shareholders, for such consideration, not less than par value, and upon such terms and conditions as shall be approved by its board of directors, by the holders of a majority of the stock entitled to vote with respect thereto and by the commissioner. In the absence of fraud, the sufficiency of consideration as so approved shall be conclusively presumed.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 167j - Corporate Governance Provisions and Requirements
Section 2 - Bond of Officers and Employees of Bank
Section 3 - Duties of Treasurer of Bank Under Other Provisions of Law
Section 4 - Misconduct of Officer, Director, Agent or Employee of Bank
Section 5 - Fee, Commission, Gift or Other Consideration in Connection With Business of Corporation
Section 6 - Penalty for Violations of Secs. 5 or 10
Section 7 - Payment of Interest on Deposit Accounts
Section 9 - Annual Statement of Condition of Bank
Section 10 - Loans or Extensions of Credit to Officer, Director or Trustee of Bank
Section 12 - Audit of Balance Sheet and Other Financial Statements of Mutual Bank
Section 13 - Maintenance of Capital and Surplus or Surplus Account Deemed Adequately Capitalized
Section 14 - Capital Stock of Stock Corporation
Section 16 - Determination of Record Date of Right to Notice of and to Vote at Stockholder's Meeting
Section 17 - Declaration of Dividends