Chapter 152.     AN   ACT   RELATIVE   TO   GUARANTEES   AND   THE ISSUANCE OF STOCK BY CORPORATIONS.

Be it enacted, etc.. as follows:

SECTION 1. Chapter 156B of the General Laws is hereby amended by inserting after section 9A, as appearing in the 1984 Official Edition, the following section:-

Section 9B. A corporation may make contracts of guarantee and suretyship, whether or not in furtherance of the contracting corporation's purposes; provided, however, that such contracts are necessary or convenient to the conduct, promotion or attainment of the business of (a) a corporation all of the outstanding stock of which is owned, directly or indirectly, by the contracting corporation, (b) a corporation which owns, directly or indirectly, all of the outstanding stock of the contracting corporation, or (c) a corporation all of the outstanding stock of which is owned, directly or indirectly, by a corporation which owns, directly or indirectly, all of the outstanding stock of the contracting corporation; provided, however, that the board of directors of' the contracting corporation has determined that such

contracts are necessary or convenient  to the  conduct,   promotion  or attainment of the business of the contracting corporation.

SECTION 2. Said chapter 156B is hereby amended by striking out section 21A, as appearing in the 1984 Official Edition, and inserting in place thereof the following section:-

Section 21A. Shares of stock previously issued which have been reacquired by the corporation, may, unless the articles of organization or by-laws otherwise require, be restored to the status of authorized but unissued shares by vote of the stockholders or by vote of the board of directors, without amendment of the articles of organization.

Approved July 1, 1986.