§ 30 — Applicability of other laws to certain domestic companies; ''stockholder'' defined

Massachusetts § 30

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 175: INSURANCE

Text

Section 30. (a) So far as pertinent and not in conflict with express provisions of this chapter, with other provisions of law relative to such companies or with their charters:(1) The general principles of law relative to the powers, duties and liabilities of corporations shall apply to all incorporated domestic companies.(2) The provisions of the Business Corporation Law, chapter one hundred and fifty-six B, excepting sections four, six, fourteen, fifteen, nineteen, twenty-three, twenty-five, thirty-eight, fifty-three, sixty-two through sixty-four, sixty-eight, sixty-nine, seventy-two, seventy-three, seventy-five, seventy-six and seventy-eight through one hundred and fourteen, shall be applicable to incorporated domestic stock companies.(3) Sections two, five, seven, nine through thirteen, sixteen, forty-nine, fifty-two, fifty-four through fifty-nine and sixty-seven of said chapter one hundred and fifty-six B shall be applicable to incorporated domestic mutual companies.(4) The provisions which may be stated in the articles of organization, in accordance with clause (11/2) of paragraph (b) of section thirteen of chapter one hundred and fifty-six B may, in lieu thereof, be included in a bylaw of an incorporated domestic mutual company, if such provisions are adopted by a two-thirds vote of those members present and voting at a meeting duly called for such purpose.The term ''stockholders'' and other terms of similar meaning where they appear in the aforesaid sections of chapter one hundred and fifty-six B shall, in the case of a mutual insurance company, mean the members thereof.(b) Except as provided in paragraph (a) the provisions of chapter one hundred and fifty-six B shall be applicable to incorporated domestic companies only as expressly provided in other sections of this chapter.