§ 14 — Restraint orders; receivers

Massachusetts § 14

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 169: RECEIPTS OF DEPOSITS FOR TRANSMITTAL TO FOREIGN COUNTRIES

Text

[ Text of section effective until January 1, 2026. Repealed by 2024, 312, Sec. 2. See 2024, 312, Sec. 5.]Section 14. If, after examination, it appears that a licensee is insolvent or that its capital is impaired or that its condition is such as to render the continuance of its business hazardous to the public or to those having funds in its custody, the commissioner shall apply or, if a licensee appears to have exceeded his powers or failed to comply with any provision of law, the commissioner may apply to the supreme judicial court to restrain such licensee from further proceeding with its business and to make such further order or decree as the court deems necessary. The court may appoint one or more receivers to take possession of the property and effects of such licensee, subject to such directions as may from time to time be prescribed by the court.