What is Special Stock Of A Corporation?

Legal Definition
in Massachusetts, is authorized by statute. It is limited in amount to two-fifths of the actual capital. It is subject to redemption by the corporation at par after a fixed time. The coi> poration is bound to pay a fixed annual dividend on it as a debt The holders of it are in no event liable for the debts of the corporation beyond their stock; and an issue of special stock makes all the general stockholders liable for all debts and contracts of the corporation until the special stock is fully redeemed. American Tube Works v. Boston Mach. Co., 139 Mass. 5, 29 N. E. 63.
-- Black's Law Dictionary