Massachusetts General Laws ch. 175 sec. 66E – Life companies; investment in limited partnership interests
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Section 66E. A domestic life company may invest in or otherwise acquire and hold a limited partnership interest in any limited partnership formed pursuant to chapter one hundred and nine or pursuant to the laws of any state or of the United States.
Terms Used In Massachusetts General Laws ch. 175 sec. 66E
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
No limited partnership interest shall be acquired under this section if the cost thereof would exceed two per cent of the assets of such company nor if such cost, plus the book value on the date of such acquisition of all limited partnership interests held under this section, would exceed ten per cent of such assets.