Section 12B. Any corporation organized or to be organized under the laws of the commonwealth shall have full power and authority to participate as a subscriber in the exchanging of insurance contract specified in section ninety-four B of chapter one hundred and seventy-five. The right to participate in the exchanging of such contracts shall be deemed to be incidental to the purposes for which such corporation was organized, and as much granted as the rights and powers expressly conferred.

Terms Used In Massachusetts General Laws ch. 155 sec. 12B

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
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