Section 6.25: Form and content of certificates
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/ma/part-i/title-xxii/chapter-156d/6-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 6.25. FORM AND CONTENT OF CERTIFICATES
(a)Shares may but need not be represented by certificates. Unless this chapter or another statute expressly provides otherwise, the rights and obligations of shareholders are identical whether or not their shares are represented by certificates.
(b)At a minimum each share certificate shall state on its face:
(1)the name of the issuing corporation and that it is organized under the laws of the commonwealth;
(2)the name of the person to whom issued; and
(3)the number and class of shares and the designation of the series, if any, the certificate represents.
(c)If the issuing corporation is authorized to issue different classes of shares or different series within a class then the variations in rights, preferences and limitations applicable to each class and series, and the authority of the board of directors to determine variations for any future class or series, must be summarized on the front or back of each certificate. Alternatively, each certificate may state conspicuously on its front or back that the corporation will furnish the shareholder this information on request in writing and without charge.
(d)Each share certificate shall be signed either manually or in facsimile by 2 officers designated in the by-laws or by the board of directors and may bear the corporate seal or its facsimile.
(e)If the person who signed, either manually or in facsimile, a share certificate no longer holds office when the certificate is issued, the certificate shall be nevertheless valid.