reglab/housing_qa huggingface dataset:
MA Gen L ch 175 § 55 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 55 - Continuation of Mutual Companies Organized to Transact Employers' Liability Insurance or Steam Boiler Insurance

Section 55. Mutual companies organized prior to April sixth, nineteen hundred and eleven, to transact employers' liability insurance may continue such business under the sixth clause of section forty-seven. They may also transact all the kinds of business specified in the said sixth clause if authorized so to do by a vote of two thirds of the policyholders present and voting at a meeting called therefor. Mutual companies organized prior to March first, nineteen hundred and fifteen, to transact steam boiler insurance may transact all the kinds of business specified in the fifth clause of section forty-seven.
MA Gen L ch 175 § 57 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 57 - Domestic Stock Companies; Directors; Quorum

Section 57. The board of directors of each domestic stock company shall consist of not less than five members, and not less than four shall constitute a quorum.
MA Gen L ch 175 § 58 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 58 - Domestic Stock Companies; Duties of Directors

Section 58. The board of directors shall annually choose by ballot a president, who shall be a member of the board, a secretary, and, if the by-laws so provide, a treasurer, who may also be the president or secretary, and such other officers as the by-laws may provide. They shall at each annual meeting of the company submit a full statement of the transactions of the company during the previous year and of its financial condition.
MA Gen L ch 175 § 59 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 59 - Domestic Stock Companies; President and Secretary; Duties; Records; Inspection

Section 59. The president, or in his absence the vice president, if any, shall preside at all meetings of the directors or stockholders. In the absence of both said officers a temporary president may be chosen. Notwithstanding the foregoing provisions of this paragraph, a company may by its by-laws provide that the chairman of the board of directors, or in his absence the president, or in the absence of both of said officers a vice president, if any, shall preside at all meetings of the directors or stockholders, and that in the absence of all of said officers a temporary presiding officer may be chosen. The secretary shall keep the records which the company is required to keep by sections thirty-two and forty-eight of chapter one hundred and fifty-six B, a record of all policies issued and of all authorized assignments, transfers and cancellations thereof and such other books and records as the president and directors may require. A secretary who wilfully makes a false record shall be deemed guilty of perjury. The records so kept shall be open to the inspection of any interested person, but it shall be a defense in any proceeding for neglect or refusal to exhibit for inspection such records or copies, that the actual purpose and reason for the inspection sought are to secure a list of stockholders or other information for the purpose of selling said list or information or copies thereof or of using the same for a purpose other than in the interest of the applicant, as a stockholder or policyholder, relative to the affairs of the corporation.
MA Gen L ch 175 § 60 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 60 - Domestic Stock Companies; Bonds of Officers

Section 60. The secretary, the treasurer, if any, and each assistant secretary, and each assistant treasurer of such a company shall, before entering upon his duties, give a bond payable to the company conditioned upon the faithful performance of his duties. The bond shall be executed as surety by a surety company authorized to transact business in the commonwealth and shall be in a form satisfactory to the commissioner and in such penal sum as the directors shall prescribe. If the authority of any such surety company to transact business in the commonwealth is terminated, each officer bonded as aforesaid by such surety company shall forthwith execute a new bond in compliance with this section. A secretary or assistant secretary or treasurer or assistant treasurer, who is covered by a blanket bond, which provides comparable coverage to the individual bonds otherwise required by this section, shall not be required to execute an individual bond in compliance with this section. A secretary or assistant secretary or treasurer or assistant treasurer who enters upon or performs any of the duties of his office without having previously executed a bond or is not covered by a blanket bond in compliance with this section shall be punished by a fine of not less than one hundred nor more than five hundred dollars. The secretary shall be a resident of the commonwealth unless the company shall have a resident agent appointed pursuant to section forty-nine of chapter one hundred and fifty-six B.
MA Gen L ch 175 § 62 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 62 - Domestic Stock Companies; Liability of Officers

Section 62. The directors or other officers of such a company making or authorizing an investment or loan in violation of sections sixty-three, sixty-five or sixty-six shall be personally liable to the stockholders for any loss caused thereby. If they allow to be insured on a single risk a larger amount than authorized by section twenty-one, they shall be personally liable for any loss in excess of the amount to which they might lawfully insure. If they make or assent to further insurance knowing that the accrued losses of the company equal its net assets, they shall be personally liable for any loss under such insurance.
MA Gen L ch 175 § 65 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 65 - Investment in Loans Upon Mortgages

Section 65. No domestic company shall, except in effecting the sale of real estate owned by it, and then only with the approval of the commissioner, invest any of its funds in loans upon mortgages except upon the conditions expressed in paragraph 7, 7A or 7B of section sixty-three; provided, that any such company may make and acquire such loans as are insured under the provisions of the National Housing Act of the United States or ''National Housing Act, Nineteen Hundred and Fifty-four'' of Canada or of any acts in amendment thereof or in addition thereto; provided, further, that any loans heretofore or hereafter so made or acquired, or any loans heretofore or hereafter made or acquired which are guaranteed or insured under the Servicemen's Readjustment Act of 1944 or any amendment thereof, shall qualify as an investment for all purposes of section sixty-three; provided, further, that any such company may acquire and hold bonds and other securities pursuant to section seven of chapter one hundred and twenty-one A whether or not the same are secured by mortgage and without regard to the ratio of loan to fair market value set forth in said paragraph seven of said section sixty-three; provided, further, that in addition to the foregoing any such company may, to an aggregate amount not in excess of ten per cent of the assets of such company, make and hold loans upon real property, including leasehold estates therein, in any state of the United States, or in the District of Columbia or Puerto Rico, or in any province of the Dominion of Canada and, unless approved by the commissioner, to an aggregate amount not in excess of three percent of the assets and not in excess of fifty percent of the surplus, calculated as of the time such loan is made, of such company, make and hold loans upon real property, including leasehold estates therein, in foreign countries other than Canada, notwithstanding the fact that such loans and the mortgages securing the same do not comply with the provisions of said paragraph 7, 7A or 7B of said section sixty-three. Nothing in this section shall prevent any such company from making and holding loans otherwise permitted under this chapter and taking as incidental collateral therefor any type of security including mortgages of real property or any interest or estate therein.
MA Gen L ch 175 § 66a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 66a - Life Companies; Acquisition of Housing Projects; Limitations

Section 66A. Any domestic life company may purchase, lease or acquire by gift or otherwise and hold without any limitation of time any real property, or any interest therein, in any state of the United States in which it is authorized to transact business, in Puerto Rico if authorized to transact business therein and in the Dominion of Canada where authorized to transact business therein, and may use such property, as well as any other real property, owned, held or leased by it for a housing project designed to provide accommodations for twenty-five or more families. Such company may use existing structures, may erect or cause to be erected new structures, may use any combination of existing structures and new structures and may maintain, repair, alter, demolish and reconstruct such structures. The word ''structures'', as used in this section, shall include apartment or tenement buildings, and dwelling houses, and buildings or accommodations for retail stores, shops, offices and such other community services as the company may deem proper and suitable for the convenience of the tenants and occupants of such structures, but shall not include hotels. Such a company, alone or jointly with others, may collect and receive rents or income from and may manage, lease, mortgage, sell and convey the whole or any part of such property. No real property shall be purchased, leased, held or improved under this section if the cost or value thereof, or the estimated cost of proposed improvements thereon, or both of them, as the case may be, on the date of such purchase, lease or acquisition, plus the book value on said date of all real property held by the company, exclusive of real estate acquired for the convenient accommodation in the transaction of its business and real estate held pursuant to chapter one hundred and twenty-one A would exceed twenty per centum of its assets.
MA Gen L ch 175 § 66b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 66b - Life Companies; Acquisition of Realty; Limitations

Section 66B. Any domestic life company may purchase, lease, acquire by gift or otherwise and hold without any limitation of time any real property, or any interest therein, in any state of the United States in which it is authorized to transact business, in Puerto Rico, if authorized to transact business therein and in the Dominion of Canada where authorized to transact business therein and, unless approved by the commissioner, to the extent the cost or value of such real property together with the estimated cost of any proposed improvements thereon does not exceed, in the aggregate, three percent of the assets or fifty percent of the surplus, calculated as of the time such purchase, lease or acquisition is made, of such company, in foreign countries, and may use such property for investment purposes as well as any other real property owned, held or leased by it. Such company may use existing structures, may erect or cause to be erected new structures, may use any combination of existing structures and new structures, and may maintain, repair, alter, demolish and reconstruct such structures. Such company, alone or jointly with others, may manage, lease, mortgage, sell and convey the whole or any part of such property, and may collect or receive rents or income therefrom. No real property shall be purchased, leased, acquired or improved under this section if the cost or value thereof, or the estimated cost of proposed improvements thereon, or both of them, as the case may be, would exceed two per cent of the assets of such company, except as otherwise approved by the commissioner, nor if any such cost or value, plus the book value on the date of such purchase, lease or acquisition thereof, of all real property held under this section, would exceed fifteen per cent of such assets, nor if any such cost or value, together with the book value on such date of all real property held by the company, exclusive of real estate acquired for the convenient accommodation in the transaction of its business and real estate held pursuant to chapter one hundred and twenty-one A would exceed twenty per cent of its assets. The property shall be valued in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, unless modified by the commissioner as the commissioner considers appropriate.
MA Gen L ch 175 § 66d (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 66d - Life Companies; Investment in and Acquisition of Stock of Subsidiary Corporations

Section 66D. A domestic life company may invest in, acquire and hold fifty-one percent or more of the capital stock of any corporation as a subsidiary which is: a corporation providing investment advisory or management services; a corporation providing sales services to an investment company; a real property holding, developing, managing or leasing corporation; a data processing or computer service corporation; or a corporation whose business has been approved by the commissioner as complementary or supplementary to the business of a domestic life company; provided, however, that such percentage of capital stock may with the approval of the commissioner be less than fifty-one, excepting (1) an insurance company authorized to transact in the commonwealth the business set forth in the First, Second, Third, Fourth, Fifth or Eighth clause of section forty-seven, and (2) a corporation licensed by the commonwealth as an insurance agent or insurance broker for any business set forth in said clauses.
MA Gen L ch 175 § 66e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 66e - Life Companies; Investment in Limited Partnership Interests

Section 66E. A domestic life company may invest in or otherwise acquire and hold a limited partnership interest in any limited partnership formed pursuant to chapter one hundred and nine or pursuant to the laws of any state or of the United States. No limited partnership interest shall be acquired under this section if the cost thereof would exceed two per cent of the assets of such company nor if such cost, plus the book value on the date of such acquisition of all limited partnership interests held under this section, would exceed ten per cent of such assets.
MA Gen L ch 175 § 66f (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 66f - Acquisition of Interest in Limited Liability Company by Domestic Life Company

Section 66F. A domestic life company may invest in or otherwise acquire and hold a limited liability company interest in any limited liability company formed pursuant to the General Laws or pursuant to the laws of any state or of the United States. No limited liability company interest shall be acquired under this section if the cost thereof would exceed two percent of the assets of such domestic life company nor if such cost, plus the book value on the date of such acquisition of all limited liability company interests held under this section, would exceed ten percent of such assets.
MA Gen L ch 175 § 67 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 67 - Life Companies; Charter Limitations on Investments; Exception

Section 67. Nothing in the charter of any domestic mutual life company shall limit the investments of such company unless such limitation is contained in the general insurance laws in force at the time of making the investment.
MA Gen L ch 175 § 68 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 68 - Unauthorized Investments; Disposition

Section 68. All property held by any domestic company the investment in or loan on which by such company is prohibited by this chapter shall be sold and disposed of forthwith unless the time be extended by the commissioner in the manner provided in section sixty-six or has been so extended.
MA Gen L ch 175 § 69 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 69 - Impaired Capital; Assessment; Effect of Non-Compliance With Commissioner; Order

Section 69. If the net assets of the company do not amount to more than three fourths of its capital, it may make good its capital by assessment of its stock. Shares on which such assessment is not paid within sixty days after demand shall be forfeitable, and may be cancelled by a vote of the directors, and new shares issued to make up the deficiency. If such company shall not, within three months after notice from the commissioner, make good its capital as aforesaid, or reduce the same as provided in section seventy-one, its authority to transact new business shall cease.
MA Gen L ch 175 § 70 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 70 - Increase of Stated Capital

Section 70. A company which shall increase its stated capital by issue of additional shares of any class of its capital stock, whether by way of a stock dividend under section seventy-two, an offering to its shareholders or otherwise, may submit to the commissioner a certificate setting forth the proceedings thereof and the amount of such increase, signed and sworn to by its president and secretary and a majority of its directors. If the commissioner finds that the increase is made in conformity to law, he shall endorse his approval thereon; the company may thereafter transact business upon the capital as increased, and the commissioner shall, upon payment of the fee prescribed by section fourteen, issue his certificate to that effect. For purposes of this section and section seventy-one a company's stated capital means its capital stock actually paid in any such amount of its actual net surplus as has been added to capital.
MA Gen L ch 175 § 71 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 71 - Reduction of Stated Capital

Section 71. No company shall reduce its stated capital to an amount less than required by section forty-eight or fifty-one nor shall it reduce such capital unless the commissioner determines that the reduction is in conformity to law and will not be prejudicial to the public. Except as provided in this section or in section seventy-two, no assets or property shall be distributed to a company's shareholders, whether by way of dividend, purchase of its own stock or otherwise, if its stated capital would be impaired thereby. Within ten days after a meeting of stockholders at which any reduction of the company's stated capital is voted, the company shall submit to the commissioner a certificate setting forth the proceedings thereof, the method of reduction and the amount thereof and of the assets and liabilities of the company, signed and sworn to by its president, secretary and a majority of its directors. If the commissioner finds that the reduction is made in conformity to law and that it will not be prejudicial to the public, he shall endorse his approval thereon; the company may thereafter transact business upon the capital as reduced, and the commissioner shall, upon payment of the fee prescribed by section fourteen, issue his certificate to that effect.
MA Gen L ch 175 § 72 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 72 - Dividends

Section 72. No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statement, nor shall any such company which has ceased to do new business divide any portion of its assets, except surplus, to its stockholders until it shall have performed or cancelled its policy obligations. Any such company may declare and pay, annually, semi-annually or quarterly from its surplus, cash dividends to its stockholders of not more than ten per cent of its capital stock in a year, and if the dividends in any year are less than ten per cent the difference may be made up in any subsequent year from surplus accumulations; but any such company may pay such dividend as the directors may consider prudent out of any surplus remaining after deducting from the assets all securities and book accounts on which no part of the principal or interest has been paid within the last year and for which foreclosure or suit has not been commenced for collection, or which after judgment obtained thereon shall have remained more than two years unsatisfied and on which interest shall not have been paid, and also deducting all interest due and unpaid on any property of the company.
MA Gen L ch 175 § 74 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 74 - Mutual Fire Companies; Further Insurance by Certain Companies; Certificates

Section 74. No mutual fire company operating on the cash premium plan as provided in section eighty-one, nor any mutual fire company with a guaranty capital of less than the combined capital and surplus provisions required under section forty-eight, either of which has become insolvent, or through reinsurance or cancellation or expiration of risks has on its books less than one million dollars of insurance in force, not reinsured, or has less than four hundred separate risks in the commonwealth, shall make any further insurance until it has secured applications for policies which, together with the unreinsured risks in force, shall amount to not less than one million dollars in not less than four hundred separate risks in the commonwealth, said applications to be subject to the provisions of the preceding section applying to the subscriptions for insurance in a new company; provided, that whenever such reinsurance has been effected for the purpose of reducing the company's liability on account of excessive loss, the number and amount of said applications for policies shall not be required within one year thereafter. Upon the filing of applications under this section with the commissioner, he may make such investigation as he deems proper, and, if his findings warrant it, grant a certificate to such company to issue policies.