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BANKS AND SAVINGS BANKS.
closing concerns, to make
SECT. 156. The directors of every bank authorized to settle and close Banks, &c., its concerns, the trustees of every savings bank and institution for savings so authorized, and all receivers or trustees appointed to take pos- annual reports.
, session of the property and effects of any bank, shall annually on the second Wednesday of January make a report to the legislature, stating under specific heads the liabilities and property of each corporation, and rendering a full account of their receipts, payments, and doings, in the execution of their trusts.
Sect. 157. Directors, trustees, and receivers, neglecting to comply Penalty. with the provisions of the preceding section, shall for each and every 1847, 34, 32 day's neglect severally forfeit twenty dollars, to be recovered by the treasurer of the commonwealth who shall sue for the same; but no payment of a forfeiture so incurred, or of expenses resulting from such forfeiture, shall be allowed as a charge against such bank or institution.
d. 267 1867
OF INSURANCE COMPANIES.
23. Companies not to trade, except. 1. Insurance commissioners, appointment and 24. to conduct business in corporate name tenure of office.
only. Term of policies. 2. to visit and examine insurance companies 25. to transmit to commissioners annual on request, &c.
statement of affairs. 2 may examine books and agents of foreign 26. penalty on, for neglect or making false companies.
returns. 4. to calculate value of life policies. may examine officers and other persons.
COMPANIES HAVING SPECIFIC CAPITALS. Penalty for refusing to testify.
27. Companies with specific capitals to choose 6. shall apply for injunction in case of insol- directors. Directors to accept in writing.
Tency, &c. Injunction to issue; proceed- Quorum. Vacancies. Proxies. Record ings thereon.
evidence of elections. 7. to furnish forms for returns.
28. to choose president and secretary, who & to report violations of law to secretary. shall be sworn. Duties of secretary. Attorney-general to prosecute, &c.
29. Special meetings, how called. 9. to keep record of their proceedings, &c. 30. Capital stock, how and when paid in. Poli10.* to make annual report to legislature. cies not to issue, until, &c. Contents of.
31. how invested and loaned. Liability of 11. Salary.
directors upon loans.
32. Risks to be taken. Policies, how executed. GENERAL PROVISIONS.
Limitation of risks. 12. General powers, &c., of insurance compa- 33. On reduction of capital, risks to be renies.
duced. Liability of president and directors. 13. First meeting, how called.
Of stockholders. 14. Companies to give notice of organization, 4. Directors to make annual statement to
stockholders. Basis of dividends. 15. Call of meetings to specify, &c. 16. Companies may adopt by-laws. Not to MUTUAL MARINE AND MUTUAL FIRE AND limit venue of actions or suit to less than
MARINE COMPANIES. two years.
35. Election of officers, &c. Form of agree17. Seeretary and treasurer to give bond.
ment. When may issue policies. 18. Office in place specified in charter. In case 36. Membership.
of agencies, cards, &c., to specify place. 37. Subscriptions, how held, used, invested, 19. liable to taxation. To submit sworn and cancelled. statement of affairs to legislature.
38. Limitation of single risks. Reinsurance. 3. funds of, to be invested in corporate Liability of president and directors for name and separate classes.
over-insurance. 21. Investing officers not to borrow.
39. Monthly statement. 22. Mortgages held by companies, liable to be 40. Mutual marine companies having been in taken on execution.
operation at least one year, shall make
liens, but not answerable as individuals.
annual statement. Directors may declare
tificates, and excess of profits applied to
cate may be deducted.
LIFE INSURANCE COMPANIES. 60. When may go into operation. Choice
of directors. Dividends. Redemption of
guarantee stock. 61. To pay portion to Massachusetts General
Hospital. 62. Policy for benefit of married woman to
whom to inure. By one person for bene
fit of another. To defraud creditors.
Income of such deposits.
MUTUAL AND STOCK AND MUTUAL FIRE COX
sen and sworn. Secretary to keep record.
of stockholders of guarantee capital. Spe
Remedy against corporation. Liability of
ration of policy.
lien. Limitation, &c., to be set forth. En
forcement of lien.
Classes to be observed in policies; ex
penses, assessments, and dividends.
corded. Statements subject to inspection.
companies. Guarantee capital. Business
to be kept separate.
FOREIGN COMPANIES. 66. No insurance by foreign stock companies
unless $100,000 paid in, &c. 67. by foreign mutual without $100,000 cash
and $100,000 deposit notes. 08. Foreign companies to appoint agent by
writing filed. Service upon agent to be
sufficient. 69. Agent to give bond. 70. Taxes, &c., upon companies, &c., imposed
in other states, to be imposed here. 71. Foreign agents to deposit statement and
copy of charter of their companies, and
publish statement. 72. Contracts of agents not complying, valid,
but agent liable. Company not appointing
agent not to recover assessments. 73. Foreign agents to exhibit name of state on
sign, and print same and character of office
on policies, &c. 74. Persons not complying not to act :3
agents. Penalty. 75. Companies chartered out of United States
to make returns. 76. Penalty on foreign agent neglecting to
make returns. Exception. 77. Penalty on agents insuring contrary to lax. 78. “Foreign" construed.
Forms for returns.
to visit and
INSURANCE COMMISSIONERS. Insurance com- SECTION 1. There shall be a board of insurance commissioners conpointment, A. sisting of two persons appointed by the governor with the advice and 1855, 124, $1. consent of the council for the term of three years, subject to removal 1858, 177, $ 1.
at their pleasure. The present members of the board shall hold their offices according to the tenor of their respective commissions unless sooner removed.
SECT. 2. The commissioners shall visit and examine any insurance examine insur
company incorporated in this state when requested in writing by five or nies on request, more persons, each of whom is a stockholder or creditor, or pecuniarily
interested in such company; and also whenever they deem an examinaSee Ch. 59,
necessary. At such times they shall have free access to its books $$ 10, 11. and papers, and shall thoroughly inspect and examine all its affairs, and
make inquiries such as are necessary to ascertain its condition and ability to fulfil its engagements, and whether it has complied with all the provisions of law applicable to its transactions.
SECT. 3. They may at any time require the agents of any foreign books and
insurance company to exhibit the books kept by them relating to such eiya companies, agencies, and to make answer in writing and under oath to all rea ,
sonable questions proposed by them, in order to elicit a full statement of the business done for the company represented by such agent; and any
1855, 124, $ 5. 1858, 177, § 2.
agents of for
agent refusing or neglecting for thirty days to answer such interrogatories shall be deemed not to have complied with the provisions of the laws of this state; and if he continues to act as such agent, shall be liable to the penalty prescribed in section seventy-four.
SECT. 4. Upon some day in each year, designated by them, they Commissioners shall calculate the existing value of all outstanding policies of life in- to calculate surance in companies authorized to make insurance on lives in this state. policies.
SECT. 5. They and each of them may summon and examine under 1858, 177, 8 2. oath, which they may administer, the directors, officers, and agents, of officers, &c. any insurance company, and such other persons as they think proper, fusing Postestiin relation to the affairs, transactions, and condition, of such company; fy: and whoever without justifiable cause refuses to appear and testify when 80 required, or who obstructs a commissioner in the discharge of his duty, shall for each offence be punished by a fine not exceeding one thousand dollars, or by imprisonment not exceeding one year. SECT. 6. If upon examination the commissioners are of opinion that
shall apply a company is insolvent, or that its condition is such as to render its for injunction in further proceedings hazardous to the public or to those holding its poli- vency, &c. cies, they shall apply to a justice of the supreme judicial court to issue an 1855, 124,918
. injunction restraining such company, in whole or in part, from further proceeding with its business until after a full hearing can be had. Such justice shall forthwith issue the injunction, and after a full hearing of all parties interested may dissolve or modify the same or make it perpetual. And he may make such orders and decrees as may be needful to suspend, restrain, or prohibit, the further continuance of the business of the company; and may appoint agents or receivers to take possession of the property and effects of the company, subject to such rules and orders as are from time to time according to the course of proceedings in equity prescribed by the court or a justice thereof in vacation.
SECT. 7. They shall annually in September furnish to the insurance companies in this state, and to the agents known to them of foreign in, 1855, 124, $ 10. surance companies doing business in this state, two or more printed 1856, 252, 8.
1858, 170, $ 2. copies of the forms of returns to be made by them. SECT. 8. When in their opinion an insurance company,
its officers or to report vioagents, have violated any law of the state relative to such company, Attorney-gen: they shall forthwith report the facts with such statements and remarks eral to proseas they deem expedient to the secretary of the commonwealth, and he cuts,
1855, 124, $$ 9, shall give notice of the same to the attorney-general, who shall at once i prosecute said company, officer, or agent, therefor.
SECT. 9. They shall keep and preserve in a permanent form a full to keep record record of their proceedings, including a concise statement of the condi- of proceedings, tion of each company visited or examined by them.
1855, 124, $3. SECT. 10. They shall annually at the earliest practicable date after
nual report, &c. the retums are received from the several insurance companies, make a Contempora report to the legislature of the general conduct and condition of the 1855, 124, ?. corporations visited by them since their last annual report, with such 66 , 252, 158, suggestions as they deem expedient, and shall include therein an aggre- 1857, 10, $8.
1858, 177, $ 2. gate of the calculated values of all outstanding policies of life insurance; and in connection therewith shall prepare an abstract of all the returns and statements made to them by insurance companies and agents. Such report shall be printed on or before the first Wednesday of January.
SECT. 11. They shall receive an annual salary of fifteen hundred Salary: dollars each.
See Ch. 15 § 30. GENERAL PROVISIONS. Sect. 12. Insurance companies incorporated in this state may exer- Insurance com. cise the powers and shall be subject to the duties and liabilities pro- powers are vided in this chapter so far as consistent with their respective charters. 1856, 252, § 1
to make an
1858, 177, $ 1.
call for meet
liable to tax
Companies, first SECT. 13. The first meeting of such companies hereafter organized meeting of, how shall be called by a notice signed by one or more of the persons named 1856, 252, $2. in the act of incorporation, setting forth the time, place, and purposes,
of the meeting, which shall seven days at least before the meeting be delivered to each member, or published in some newspaper of the county in which the company is established, or if there is no such paper,
in some newspaper of an adjoining county. to give notice
Sect. 14. Every such company shall give notice in writing to the of organization, secretary of the commonwealth, of the acceptance of its charter and 1856, 252, $3. organization under the same, within one year from the date thereof, or
the same shall be void.
SECT. 15. All matters proposed to be acted upon at any meeting of ings.
such companies shall be specified in the call for the same. 1856, 252, $9. by-laws; ve
Sect. 16. Such companies may adopt by-laws for conducting their nue of actions ; business, not repugnant to their respective charters or the laws of the
state, but no such company shall by any condition, restriction, or stipu1856, 252, $ 9.
lation, in its by-laws or policies, designate the county in which any suit shall be brought against the company, or limit the term of commencing such suit to a less period than two years from the time when the right
thereto accrues. secretary and Sect. 17. The secretary and treasurer of such companies shall give give bond.
bond in such sum as may be required by the directors, for the faithfiil 1856, 252, $ 9. discharge of their respective duties.
SECT. 18. Such companies shall have their office in the city or town &c., to specify, specified in their charter; and when they establish agencies in other
cities or towns, all signs, cards, pamphlets, and advertisements, exhibited 1856, 252, $5.
or issued by them, shall specify the city or town where the company they represent is located.
SECT. 19. Such companies shall be liable to be taxed by any general nish statements law taxing insurance companies; and the directors shall when required of their affairs. furnish to the legislature, or to a committee thereof, or to the insurance 1856, 202, $7.
commissioners, a stateinent of their affairs signed by the president and secretary and sworn by them to be correct according to their best knowledge and belief, and shall submit to an examination on oath con
cerning the same. funds of, how SECT. 20. Investments of the funds of an insurance company shall to be invested. be made in its corporate name; and funds of such companies as classify
their risks, shall be kept and invested separately, so as to designate the
assets belonging to each class. investing offi- SECT. 21. No member of a committee or officer of a mutual marine, cers not to bor- mutual fire, or mutual life, insurance company, charged with the duty of 1858, 48.
investing its funds, shall borrow the same, or be surety for such loans to others, or directly or indirectly be liable for money borrowed of the
company: mortgages SECT. 22. Mortgages on real estate, held by an insurance company, held by, may be shall be liable to be attached and taken and sold on execution, in the
manner provided in sections seventy-five, seventy-six, and seventy1856, 252, $ 6.
seven, of chapter fifty-seven, in respect to mortgages held by banks. And the secretary shall perform the duties therein required of cashiers
and clerks. not to trade, SECT. 23. No company shall deal or trade in buying or selling goods, 1850, 232, $4. wares, merchandise, or other like property, excepting such articles
as have been insured by such company, on which losses are claimed by the insured.
SECT. 24. 'Every insurance company doing business in this state business in cor- shall conduct the same in the proper and corporate name of said com, only; term of pany, and not by various and different names; and the policies and 1856, 252, 885, contracts of insurance issued by any company shall be headed or enti
tled only by the corporate name or title of said company. No policy shall be issued for a term exceeding seven years.
taken on execution.
SECT. 25. Every such company doing business in this state shall companies to annually before the fifteenth day of November transmit to the insurance commissioners commissioners a statement of its affairs on the first day of said month, annual statein the form appended to this chapter, adapted to the business done by 1860, 262, $ 8. such company, which shall be signed and sworn to by the president and secretary
SECT. 26. Any company doing business in this state, neglecting to penalty for make the returns required under this chapter, shall forfeit one hundred mihin mande dollars for each day's neglect, and every company that wilfully makes returns. false statements shall be liable to a fine of not less than five hundred nor more than five thousand dollars.
1856, 252, $ 8.
duties of secre
COMPANIES HAVING SPECIFIC CAPITALS. SECT. 27. Every insurance company with a specific capital shall with specific annually choose by ballot from the stockholders of the company resi- cipiosd dir dent within this state, not less than five directors, who shall hold office ors; directors for one year and until others are chosen and qualified in their stead, writing ; quoSuch directors when elected and notified shall before they are qualified pum, vacancies to act declare their acceptance in writing to the secretary of the com- evidence of elecpany. Not less than four directors shall constitute a quorum; and all times a
1856, 252, $ 11. questions shall be decided by a majority of those present. Vacancies in any office may be filled by the directors or by a meeting of stockholders called for the purpose. Each share shall be entitled to one vote. Proxies may be authorized in writing. No officer shall vote as proxy, and no stockholder shall either in person or by proxy cast more than thirty votes. The record of the votes, whether cast in person or by proxy, made by the secretary or clerk of the company, shall be evidence of all such elections.
SECT. 28. The directors shall annually by ballot choose a president, to choose secretary, and such other officers as the rules direct. The president president and shall be chosen from the board of directors. The president and secre- shall be sworn; tary shall annually be sworn. The president shall preside at all meetings tary. of the stockholders and directors, but when absent a president pro tem. 1856, 252, 12. may be chosen as the meeting determines. The secretary shall keep a record of the votes of the stockholders and of the directors; a list of the stockholders and number of shares standing in the name of each; a record of all transfers of shares; of all policies issued by the company, and of all assignments and transfers thereof; and such additional books as the president and directors require.
Sect. 29. Special meetings of the stockholders may be called by the Special meetdirectors when they think proper; and they shall call such meetings on called the written application of the owners of one-fifth part of the capital, or 1850, 252, § 13. of twenty stockholders, setting forth the purposes of the meeting.
Sect. 30. The capital stock, unless otherwise specially provided, shall Capital stock, be paid in cash within twelve months from the date of the charter. No how and when certificates of full shares or policies shall be issued until the whole cap- cies not to isital is paid in; nor shall any policy be issued until a certificate from the 1955, 262, $ 14. insurance commissioners has been obtained authorizing such company Sce ş$ 37, 56, 6o. to issue policies. The insurance commissioners shall examine the capital, and a majority of the directors shall make oath that the money has been paid in by the stockholders towards payment of their respective shares, and not for any other purpose, and that it is intended that the same shall remain as the capital of the company, to be invested as required by the provisions of this chapter.
SECT. 31. The capital stock shall be invested in the stocks of the United States, or of this state, or of any city or town in this state, or in and Joaned.; liaany of the banks thereof, or in any railroads thereof which are com- ors upon loans. pleted and paid for and the franchises of which are not pledged or