Massachusetts General Laws ch. 175 sec. 66F – Acquisition of interest in limited liability company by domestic life company
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Section 66F. A domestic life company may invest in or otherwise acquire and hold a limited liability company interest in any limited liability company formed pursuant to the General Laws or pursuant to the laws of any state or of the United States.
Terms Used In Massachusetts General Laws ch. 175 sec. 66F
- 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
No limited liability company interest shall be acquired under this section if the cost thereof would exceed two percent of the assets of such domestic life company nor if such cost, plus the book value on the date of such acquisition of all limited liability company interests held under this section, would exceed ten percent of such assets.