§ 50B — Amendment of articles of organization; submission; approval; filing; effective date

Massachusetts § 50B

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

Text

Section 50B. Articles of amendment or restatement of articles of organization by any stock or mutual company signed and sworn to by the president and secretary and a majority of the directors, setting forth such amendment or change and the due adoption thereof, shall, within thirty days after their adoption, be submitted to the commissioner, who shall examine them in the same manner and with the same powers as in the case of original articles of organization. If he finds that they conform to the requirements of law he shall so certify and endorse his approval thereon, and they shall thereupon be filed in the office of the state secretary, upon the receipt of a fee in accordance with subsection (b) of section one hundred and fourteen of chapter one hundred and fifty-six B, and said articles of amendment shall then be deemed to be a part of the charter or articles of organization of the company. Such amendment shall become effective when the articles of amendment are filed in the office of the state secretary, unless said articles specify, in accordance with the vote adopting the amendment, a later effective date not more than thirty days after such filing in which event the amendment shall become effective on such later date.