A final division of the common property shall not dissolve the corporation until the expiration of ten years thereafter; but the proprietors at the time of the division and their heirs shall retain their corporate powers for the purpose of collecting all assessments, debts and effects due or belonging to the corporation, and shall be liable for its debts.
Mass. Gen. Laws ch. 179, § 16
Termination of corporation
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.