Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 166, § 8

If such increase does not exceed four per cent of the existing capital stock of the corporation, the directors, without first offering the same to the stockholders, may sell them by auction to the highest bidder at not less than the par value thereof to be actually paid in cash, and shall so sell any shares which remain unsubscribed for by the stockholders entitled to take them after the expiration of the time limited in the notice required by the preceding section. Such shares shall be offered for sale in Boston or such other city or town as the department of telecommunications and cable directs; and notice of the time and place of such sale shall be published at least five times during the ten days immediately preceding the sale in each of at least three daily newspapers approved by said department.