Section 6: Formation of corporation; purposes; association agreement
164 words·~1 min read·
/ma/part-i/title-xxii/chapter-176p/6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 6. Seven or more persons, residents of the commonwealth, may form a corporation for the purposes set forth in this chapter. The agreement of association shall state that the subscribers thereto associate themselves with the intentions of forming a corporation, the corporate name assumed, the purpose for which it is formed, and the city or town, which shall be in the commonwealth, in which it is established or situated. The name shall not so closely resemble the name of any corporation or insurance company already transacting business in the commonwealth so as to mislead the public or lead to confusion.
Any lawful social, intellectual, education, charitable, benevolent, moral or religious advantages may be set forth among the purposes of the corporation. If the corporation limits its membership as provided in section 4, the agreement of association shall state the maximum amounts of benefits to be paid, and shall designate to which one of the classes mentioned in said section its membership is restricted.