[DOWNLOAD] "Massachusetts Charitable Mechanic Ass'n V." by Supreme Judicial Court of Massachusetts # eBook PDF Kindle ePub Free

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eBook details

• Title: Massachusetts Charitable Mechanic Ass'n V.
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 07, 1947
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 79 KB

Description

WILKINS, Justice. This bill in equity by a charitable corporation chartered by special act describes the defendants as 'members of the investment committee' of the plaintiff, and seeks to require them to turn over to the treasurer of the plaintiff (1) the sum of $106,073.98 'from the security fund' for the purpose of paying overdue taxes on Mechanics building, Huntington Avenue, Boston, owned by the plaintiff, and (2) the entire 'security fund was formerly known as the charity fund.' The defendants in their answer deny the plaintiff's right to the money, and allege in substance, among other things, that the fund is still the charity fund and not the security fund, and that they hold it in the capacity of trustees and not as members of the investment committee. The case was submitted on agreed facts, and the Judge, without decision, reported the case to this court for determination. G.L.(Ter.Ed.) c. 214, § 31. The plaintiff was incorporated by St.1805, c. 75. The statute provides that the corporation 'shall have power * * * to make by-laws for the election of their members and officers; the collection of assessments; the regulation of their meetings, and the appropriation of their funds for charitable uses; but shall not have power to make by-laws or regulations for any other purposes whatsoever' Section 1. The corporation can hold 'any personal or real estate, within this Commonwealth' Section 2. The 'annual income * * * shall only be employed for the purpose of relieving the distresses of unfortunate mechanics and their families, to promote inventions and improvements in the mechanic arts, by granting premiums for said inventions and improvements, and to assist young mechanics with loans of money' Section 3. By St.1825, c. 88, the Legislature authorized the corporation to 'establish schools and libraries for the use of apprentices, and the improvement of the arts.' 1 More than sixty years ago the corporation purchased land on Huntington Avenue, Boston, and on it erected Mechanics Building. This was a proper use of its funds. Richardson v. Massachusetts Charitable Mechanic Association, 131 Mass. 174. The building now represents an investment of about $700,000 and is the only real estate the corporation owns. Taxes of about $106,073.98 for the years 1943, 1944, and 1945, are unpaid, and the city of Boston holds a tax title. Notice of proceedings in the Land Court to foreclose the right of redemption has been given. The corporation also needs money for the maintenance of the building, which since November, 1945, has been operated at a profit, but which for the preceding fifteen years was operated at a loss except in 1933 and 1935. The corporation is without funds except those which it has placed in the charity fund, as hereinafter discussed.

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