Massachusetts General Laws ch. 175 sec. 155 – Companies formed under laws of any government or state other than the United States or one of the United States; conditions of admission
Section 155. A foreign company, if formed under the laws of any government or state other than the United States or one of the United States, shall not be admitted and authorized to do business until, besides complying with the conditions of section one hundred and fifty-one—
Terms Used In Massachusetts General Laws ch. 175 sec. 155
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
First, It has satisfied the commissioner that it has made a deposit with the state treasurer or with the proper board or officer of some other state of the United States, in exclusive trust for the benefit and security of all its policyholders and creditors in the United States, of an amount not less than the amount of capital required of domestic stock companies by sections forty-eight and fifty-one, which, if so on deposit in this commonwealth, shall not be returned to the company, until it has ceased to transact business in the commonwealth, nor until the commissioner is satisfied that the company is under no obligation to policyholders or other persons in this commonwealth or in any other state of the United States for whose benefit such deposit was made, nor until he has given his written consent to such return; provided, that the commissioner may, in any case, authorize in writing the return to the company of any excess of any such deposit over the amount required by this clause, if he is satisfied that such return will not be prejudicial to the interests of its policyholders or creditors. Such deposit may be made in the securities and subject to the limitations specified in sections sixty-three and sixty-six, or in cash or such other securities as the commissioner may approve; provided, that bonds need not be accepted by the state treasurer unless in registered form and of denominations satisfactory to him. An amount of such deposit equal to the amount of capital required of domestic stock companies by said sections forty-eight and fifty-one shall be regarded as the deposit capital in the company’s annual statement under section twenty-five, and the excess of any such deposit over the amount required as aforesaid shall not be charged to the company as a liability for deposit capital.
Second, It has appointed, as its resident manager in the United States, a citizen or corporation of the United States approved by the commissioner, and has filed with him a certified copy of the record of the appointment of such manager by the directors of the company and a duplicate original of the power of attorney to the United States manager which shall be in a form satisfactory to the commissioner.
Third, It has filed with the commissioner, in such form and detail as he may require, a statement of its trustees appointed under section one hundred and fifty-six showing the funds held by such trustees, signed and sworn to by them, or if the trustee is a corporation, signed and sworn to by its president and secretary or other duly authorized officers.
The documents required by this section and sections one hundred and fifty-one and one hundred and fifty-six shall be executed and authenticated in a manner satisfactory to the commissioner.