§ 60 — Domestic stock companies; bonds of officers

Massachusetts § 60

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

Text

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.