Prior to the initial issue of stock by a corporation, the incorporators may exercise all rights of stockholders and take any action required or permitted by law, the articles of organization or the by-laws to be taken by stockholders.
Mass. Gen. Laws ch. 156B, § 44
Exercise of stockholders' rights by incorporators prior to stock issuance
Known as the Business Corporation Law
The act spans §§ 156B-1 to 156B-9B (126 sections).
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.