Massachusetts General Laws ch. 176E sec. 10 – Investment of reserves; acquisition of real property; special contingent surplus; investment of other funds
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Section 10. The reserves of a dental service corporation shall be invested only in such securities as are permitted under chapter 175 for the investment of the reserves of insurance companies. A dental service corporation shall have the right to acquire and own real estate to be occupied by itself in the transaction of its business. The commissioner may require any such corporation after its first full calendar year of doing business to accumulate and maintain a special contingent surplus, over and above its reserves and liabilities, in such amount as the commissioner may deem proper. All other funds of a dental service corporation shall be invested only as is permitted by chapter 180A for the investment of institutional funds.
Terms Used In Massachusetts General Laws ch. 176E sec. 10
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.