General Laws of Massachusetts - Chapter 121C Economic Development and Industrial Corporations

• Massachusetts General Laws - Definitions - Chapter 121C, Section 1
  In this chapter, unless a different meaning clearly appears from the context, the following words and phrases shall have the following meanings:— (1) “Corporation”, the...
• Massachusetts General Laws - Legislative declarations - Chapter 121C, Section 2
  It is hereby declared that decadent or blighted open areas exist in the municipalities of the commonwealth zoned for industrial or manufacturing uses; that each...
• Massachusetts General Laws - Economic development and industrial corporation; authority to organize; consolidations; members of board of directors; surety bonds; compensation and reimbursements - Chapter 121C, Section 3
  There is hereby authorized in each municipality in the commonwealth the organization of an economic development and industrial corporation, a public body politic and corporate,...
• Massachusetts General Laws - Corporate seal; officers; bond; accounts; annual audit and report; management of affairs and property - Chapter 121C, Section 4
  The directors of the corporation shall adopt a corporate seal for the corporation, and designate the custodian thereof; may from time to time appoint and...
• Massachusetts General Laws - Powers of corporation; payment of relocation costs - Chapter 121C, Section 5
  The corporation is hereby authorized: (a) To sue and be sued in its own name, and plead and be impleaded. (b) To adopt by-laws for...
• Massachusetts General Laws - Economic development projects; approval; procedural requisites - Chapter 121C, Section 6
  No economic development project shall be undertaken until (a) a public hearing relating to the economic development plan covering such project has been held by...
• Massachusetts General Laws - Rents and charges for service or facilities furnished or supplied; control and application; sinking fund for revenue bond obligations - Chapter 121C, Section 7
  Except as provided herein rents and charges for services or facilities furnished or supplied by the corporation shall not be subject to supervision or regulation...
• Massachusetts General Laws - Corporate liability in contract or in tort - Chapter 121C, Section 8
  The corporation shall be liable in contract or in tort in the same manner as a private corporation. The directors, employees, officers and agents of...
• Massachusetts General Laws - Real estate and tangible personal property exempt from taxation and assessments; payments in lieu of taxes; taxation of certain real estate; exemption of income or profits from transfer of corporation obligations - Chapter 121C, Section 9
  The real estate and tangible personal property of the corporation shall be deemed to be public property used for essential public and governmental purposes and...
• Massachusetts General Laws - Debentures; issuance authorized; trust agreements as security - Chapter 121C, Section 10
  To provide funds for the general purposes of the corporation, including working capital, the corporation may from time to time issue debentures; provided, however, that...
• Massachusetts General Laws - Municipal indebtedness in aid of corporation - Chapter 121C, Section 11
  The municipality may raise and appropriate or may borrow, or may agree with the corporation or with the federal government or the commonwealth to raise...
• Massachusetts General Laws - Revenue bonds; revenue refunding bonds; requisites; negotiability - Chapter 121C, Section 12
  The corporation is hereby authorized to provide by resolution, one time or from time to time, for the issuance of revenue bonds of the corporation...
• Massachusetts General Laws - Revenue or revenue refunding bonds; trust agreements as security - Chapter 121C, Section 13
  In the discretion of the corporation such revenue bonds or revenue refunding bonds may be secured by a trust agreement by and between the corporation...
• Massachusetts General Laws - Revenue and revenue refunding bonds as securities for purposes of investments or deposits by certain institutions - Chapter 121C, Section 14
  Revenue bonds and revenue refunding bonds issued under the provisions of this chapter are hereby made securities in which all public officers and public bodies...
• Massachusetts General Laws - Enforcement of this chapter and of trust agreements - Chapter 121C, Section 15
  Any holder of bonds or debentures issued under the provisions of this chapter or of any coupons appertaining thereto, and the trustee, except to the...
• Massachusetts General Laws - Provisions inconsistent with other law controlling - Chapter 121C, Section 16
  Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general or special, excluding any state or the municipal...
• Massachusetts General Laws - Severability - Chapter 121C, Section 17
  The provisions of this chapter are severable; and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision...
• Massachusetts General Laws - Liberal construction - Chapter 121C, Section 18
  This chapter, being necessary for the welfare of the commonwealth and its inhabitants, shall be liberally construed to effect the purpose thereof.

Last modified: September 11, 2015