Mass. Gen. Laws ch. 164, § 17: Improper issue of stock, bonds or other securities; penalty

Section 17. A director, treasurer or other officer or agent of a gas or electric company who knowingly votes to authorize the issue of, or knowingly signs, certifies or issues, stock, bonds or other securities contrary to any provision of section fourteen or sixteen, or who knowingly votes to authorize the application of, or knowingly applies, the proceeds of such stock, bonds or other securities contrary to any said provision, or who knowingly votes to assume or incur, or knowingly assumes or incurs in the name or behalf of such corporation, any debt or liability except for the legitimate purposes of the corporation, shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both.