corporate excess

corporate excess
In the language of a Massachusetts statute, "corporate excess employed within the commonwealth by a foreign corporation (shall mean) such proportion of the fair cash value of all the shares constituting the capital stock on the first day of April, when the return called for by the statute is due, as the value of the assets, both real and personal, employed in any business within the commonwealth on that date, bears to the value of the total assets of the corporation on that date." Alpha Portland Cement Co. v Massachusetts, 268 US 203, 208, 69 L Ed 916, 920, 45 S Ct 477.

Ballentine's law dictionary. . 1998.

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