Every corporation, unless otherwise expressly provided, at a meeting called for the purpose, may increase or reduce the amount of its capital stock and the number of shares therein, within the amount limited by its charter, if a chartered corporation, and by the provisions of this chapter, if organized under general laws.
Mass. Gen. Laws ch. 158, § 24
Increase or reduction of capital stock
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.