§ 51 — Domestic stock companies; kinds of business that may be transacted; power to combine

Massachusetts § 51

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

Text

Section 51. No domestic stock company shall transact any business other than that specified in its charter or agreement of association, except that it may transact the kinds of business specified below by reference to the several clauses of section forty-seven, as follows:(a) The first and second, if authorized to transact either, or the seventeenth, if authorized to transact any one or more of the first, second and eighth clauses, provided it has a paid-up capital of not less than four hundred thousand dollars, or the first and second excepting ocean marine insurance, if authorized to transact either, provided it has a paid-up capital of not less than three hundred thousand dollars, or subdivision (d) of the second clause, if authorized to transact the first.(b) Any one or more of the fourth, fifth, sixth, seventh, eighth, ninth, tenth, twelfth and thirteenth, if authorized to transact any one of said clauses, provided it conforms to the requirements of section forty-eight in respect to paid-up capital.(c) The eighth, if authorized to transact the first.(d) The sixth, if authorized to transact life insurance, provided, it has a paid-up capital of not less than eight hundred thousand dollars and net cash assets over all liabilities, computed on the basis fixed by sections nine to twelve, inclusive, of not less than eight hundred thousand dollars, exclusive of said capital.(e) The first, if authorized to transact fire insurance.(f) The fifth, if incorporated by special act to insure against loss or damage caused by the explosion of steam boilers.(g) Such other form or forms of insurance coverage not included in the provisions of section forty-seven and not contrary to law as the commissioner in his discretion may authorize and license and which shall be transacted only upon such terms and conditions as he may from time to time prescribe and upon payment of the fee prescribed by section fourteen.Nothing in this section shall permit any domestic stock company to combine classes of business which may not be combined under section forty-eight.A company transacting or seeking to transact business under this section shall be subject to the combined capital and surplus provisions required under section forty-eight.