Section 6.01. AUTHORIZED SHARES
(a) The articles of organization shall prescribe the total number of shares the corporation is authorized to issue. The articles of organization also shall, before the issuance of any shares of a class or series, prescribe the number of authorized shares of the class or series, the distinguishing designation thereof and the preferences, limitations and relative rights identical with those of other shares of the same class or series, except that if a class consists of more than 1 series, all shares of each series within the class shall have identical preferences, limitations and relative rights with those of other shares within such series and may, but need not, have some or all preferences, limitations and relative rights which are identical with those of shares of other series within the class or any other class.
(b) The articles of organization shall authorize 1 or more classes or series of shares that together have unlimited voting rights, and 1 or more classes or series of shares, which may be the same class or series or classes and series as those with voting rights, that together are entitled to receive the net assets of the corporation upon dissolution.
(c) The articles of organization may authorize 1 or more classes or series of shares that:
(1) have special, conditional, or limited voting rights, or no right to vote, except to the extent prohibited by this chapter;
(2) are redeemable or convertible as specified in the articles of organization (i) at the option of the corporation, the shareholder, or another person or upon the occurrence of a designated event; (ii) for cash, indebtedness, securities, or other property; (iii) in a designated amount or in an amount determined in accordance with a designated formula or by reference to extrinsic data or events;
(3) entitle the holders to distributions calculated in any manner, including dividends that may be cumulative, noncumulative, or partially cumulative;
(4) have preference over any other class or series of shares with respect to distributions, including dividends and distributions upon the dissolution of the corporation.
(d) The description of the designations, preferences, limitations, and relative rights of share classes and series in subsection (c) is not exhaustive.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 156d - Business Corporations
Section 1.02 - Reservation of Power to Amend or Repeal
Section 1.20 - Filing Requirements
Section 1.22 - Filing, Service and Copying Fees
Section 1.23 - Effective Time and Date of Document
Section 1.24 - Correcting Filed Document
Section 1.25 - Filing Duty of Secretary of State
Section 1.26 - Appeal From Secretary of State's Refusal to File Document
Section 1.27 - Evidentiary Effect of Copy of Filed Document
Section 1.28 - Certificates Regarding Corporations
Section 1.29 - Penalty for Signing False Document
Section 1.40 - Chapter Definitions
Section 1.42 - Number of Shareholders
Section 1.50 - Interpretation of Chapter
Section 2.02 - Articles of Organization
Section 2.04 - Liability for Pre-Incorporation Transactions
Section 2.05 - Organization of Corporation
Section 2.07 - Emergency Bylaws
Section 3.03 - Emergency Powers
Section 5.01 - Registered Office and Registered Agent
Section 5.02 - Change of Registered Office or Registered Agent
Section 5.03 - Resignation of Registered Agent
Section 5.04 - Service on Corporation
Section 6.01 - Authorized Shares
Section 6.02 - Determination of Terms of Class or Series
Section 6.03 - Issued and Outstanding Shares
Section 6.04 - Fractional Shares
Section 6.20 - Subscription for Shares Before Incorporation
Section 6.21 - Issuance of Shares
Section 6.22 - Liability of Shareholders
Section 6.23 - Share Dividends
Section 6.25 - Form and Content of Certificates
Section 6.26 - Shares Without Certificates
Section 6.27 - Restriction on Transfer of Shares and Other Securities
Section 6.30 - Shareholders' Preemptive Rights
Section 6.31 - Corporation's Acquisition of Its Own Shares
Section 6.40 - Distributions to Shareholders
Section 6.41 - Liability for Improper Distributions
Section 7.02 - Special Meeting
Section 7.03 - Court-Ordered Meeting
Section 7.04 - Action Without Meeting
Section 7.05 - Notice of Meeting
Section 7.06 - Waiver of Notice
Section 7.08 - Meetings by Remote Communications; Remote Participation in Meetings
Section 7.20 - Shareholders List for Meeting
Section 7.21 - Voting Entitlement of Shares
Section 7.23 - Shares Held by Nominees
Section 7.24 - Corporation's Acceptance of Votes
Section 7.25 - Quorum and Voting Requirements for Voting Groups
Section 7.26 - Action by Single and Multiple Voting Groups
Section 7.27 - Greater or Lesser Quorum or Voting Requirements for Shareholders
Section 7.28 - Voting for Directors; Cumulative Voting
Section 7.29 - Form of Shareholder Action
Section 7.31 - Voting Agreements
Section 7.32 - Shareholder Agreements
Section 7.40 - Subdivision Definitions
Section 7.43 - Stay of Proceedings
Section 7.45 - Discontinuance or Settlement
Section 7.46 - Payment of Expenses
Section 7.47 - Applicability to Foreign Corporations
Section 8.01 - Requirement for and Duties of Board of Directors
Section 8.02 - Qualifications of Directors
Section 8.03 - Number and Election of Directors
Section 8.04 - Election of Directors by Certain Classes of Shareholders
Section 8.05 - Terms of Directors Generally
Section 8.06 - Staggered Terms for Directors
Section 8.07 - Resignation of Directors
Section 8.08 - Removal of Directors
Section 8.10 - Vacancy on Board
Section 8.11 - Compensation of Directors
Section 8.21 - Action Without Meeting
Section 8.22 - Notice of Meeting
Section 8.23 - Waiver of Notice
Section 8.24 - Quorum and Voting
Section 8.30 - General Standards for Directors
Section 8.31 - Director Conflict of Interest
Section 8.32 - Loans to Directors
Section 8.40 - Required Officers
Section 8.41 - Duties of Officers
Section 8.42 - Standards of Conduct for Officers
Section 8.43 - Resignation and Removal of Officers
Section 8.44 - Contract Rights of Officers
Section 8.45 - Certificate of Change in Officers or Directors
Section 8.46 - Instruments Affecting Real Estate
Section 8.50 - Subdivision Definitions
Section 8.51 - Permissible Indemnification
Section 8.52 - Mandatory Indemnification
Section 8.53 - Advance for Expenses
Section 8.54 - Court-Ordered Indemnification and Advance for Expenses
Section 8.55 - Determination and Authorization of Indemnification
Section 8.58 - Variation by Corporate Action; Application of Subchapter
Section 8.59 - Exclusivity of Subdivision
Section 9.21 - Action on a Plan of Domestication
Section 9.22 - Articles of Domestication
Section 9.23 - Surrender of Charter Upon Domestication
Section 9.24 - Effect of Domestication
Section 9.25 - Abandonment of a Domestication
Section 9.30 - Nonprofit Conversion
Section 9.31 - Action on a Plan of Nonprofit Conversion
Section 9.32 - Articles of Nonprofit Conversion
Section 9.33 - Surrender of Charter Upon Foreign Nonprofit Conversion
Section 9.34 - Effect of Nonprofit Conversion
Section 9.35 - Abandonment of a Nonprofit Conversion
Section 9.40 - Foreign Nonprofit Domestication and Conversion
Section 9.41 - Articles of Domestication and Conversion
Section 9.42 - Effect of Foreign Nonprofit Domestication and Conversion
Section 9.43 - Abandonment of a Foreign Nonprofit Domestication and Conversion
Section 9.50 - Entity Conversion Authorized; Definitions
Section 9.51 - Plan of Entity Conversion
Section 9.52 - Action on a Plan of Entity Conversion
Section 9.53 - Articles of Entity Conversion
Section 9.54 - Surrender of Charter Upon Conversion
Section 9.55 - Effect of Entity Conversion
Section 9.56 - Abandonment of an Entity Conversion
Section 10.01 - Authority to Amend
Section 10.02 - Amendment Before Issuance of Shares
Section 10.03 - Amendment by Board of Directors and Shareholders; Exception
Section 10.04 - Voting on Amendments by Voting Groups
Section 10.05 - Amendment by Board of Directors
Section 10.06 - Articles of Amendment
Section 10.07 - Restated Articles of Organization
Section 10.08 - Effect of Amendment
Section 10.20 - Amendment by Board of Directors or Shareholders
Section 10.21 - Bylaw Dealing With Quorum or Voting Requirements for Shareholders
Section 10.22 - Bylaw Dealing With Quorum or Voting Requirements for Board of Directors
Section 11.03 - Share Exchange
Section 11.04 - Action on a Plan of Merger or Share Exchange
Section 11.05 - Merger Between Parent and Subsidiary or Between Subsidiaries
Section 11.06 - Articles of Merger or Share Exchange
Section 11.07 - Effect of Merger or Share Exchange
Section 11.08 - Abandonment of a Merger or Share Exchange
Section 12.01 - Sale of Assets in Regular Course of Business and Mortgage of Assets
Section 12.02 - Sale of Assets Other Than in Regular Course of Business
Section 13.02 - Right to Appraisal
Section 13.03 - Assertion of Rights by Nominees and Beneficial Owners
Section 13.20 - Notice of Appraisal Rights
Section 13.21 - Notice of Intent to Demand Payment
Section 13.22 - Appraisal Notice and Form
Section 13.23 - Perfection of Rights; Right to Withdraw
Section 13.25 - After-Acquired Shares
Section 13.26 - Procedure if Shareholder Dissatisfied With Payment or Offer
Section 13.31 - Court Costs and Counsel Fees
Section 14.01 - Dissolution by Incorporators or Initial Directors
Section 14.03 - Articles of Dissolution
Section 14.04 - Revocation of Dissolution
Section 14.05 - Effect of Dissolution
Section 14.06 - Known Non-Contingent Claims Against Dissolved Corporation
Section 14.07 - Unknown Claims Against Dissolved Corporation
Section 14.09 - Enforcement of Claims Against Dissolved Corporation
Section 14.20 - Grounds for Administrative Dissolution
Section 14.21 - Procedure for and Effect of Administrative Dissolution
Section 14.22 - Reinstatement Following Administrative Dissolution
Section 14.23 - Appeal From Denial of Reinstatement
Section 14.30 - Grounds for Judicial Dissolution
Section 14.31 - Procedure for Judicial Dissolution
Section 14.32 - Receivership or Custodianship
Section 14.33 - Decree of Dissolution
Section 14.34 - Reorganization Under a Statute of the United States; Effectuation
Section 14.40 - Deposit With Treasurer of the Commonwealth
Section 15.01 - Authority to Transact Business Required
Section 15.02 - Consequences of Transacting Business Without Authority
Section 15.03 - Delivering Certificate by Foreign Corporation
Section 15.04 - Amended Certificate
Section 15.05 - Effect of Filing of Certificate
Section 15.06 - Corporate Name of Foreign Corporation
Section 15.07 - Registered Office and Registered Agent of Foreign Corporation
Section 15.08 - Change of Registered Office or Registered Agent of Foreign Corporation
Section 15.09 - Resignation of Registered Agent of Foreign Corporation
Section 15.10 - Liability to Be Sued; Service on Foreign Corporation
Section 15.11 - False Reports or Statements
Section 15.20 - Withdrawal of Foreign Corporation
Section 15.21 - Automatic Withdrawal Upon Certain Conversions
Section 15.22 - Withdrawal Upon Conversion to a Nonfiling Entity
Section 15.23 - Transfer of Authority
Section 15.30 - Grounds for Revocation
Section 15.31 - Procedure for and Effect of Revocation
Section 15.32 - Appeal From Revocation
Section 16.01 - Corporate Records
Section 16.02 - Inspection of Records by Shareholders
Section 16.03 - Scope of Inspection Right
Section 16.04 - Court-Ordered Inspection
Section 16.05 - Inspection of Records by Directors
Section 16.06 - Exception to Notice Requirement; Consequences of Inability to Deliver Notice
Section 16.20 - Financial Statement for Shareholders
Section 16.21 - By-Law Amendments
Section 16.22 - Annual Report for Secretary of State
Section 17.01 - Application to Existing Domestic Corporations
Section 17.02 - Application to Qualified Foreign Corporations