Such a corporation shall be formed in the manner prescribed in and subject to section nine of chapter one hundred and fifty-five and sections six and eight to twelve, inclusive, of chapter one hundred and fifty-six, except as follows:\nThe capital stock, if any, shall not exceed fifty thousand dollars.\nThe agreement of association of such a corporation having no capital stock may omit the statement of the amount of the capital stock and the par value and number of its shares. The par value of its shares, if any, may be ten or fifty dollars.
Massachusetts Legal Code