Massachusetts Supreme Judicial Court June 30, 1886 (Commonwealth v. Boston & Albany Railroad)

C. Allen, J.

The Pub. Sts. c. 112, § 61, forbid a railroad corporation, without authority of the General Court, to increase its capital stock beyond the fixed maximum, to declare a stock dividend, to divide the proceeds of the sale of stock among its stockholders, or to issue certificates of stock when the par value of the shares so issued is not first paid in cash to its treasurer.