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commissioner of banks.

three hundred and twenty-one of the acts of nineteen hundred and twenty-two, and to the approval of the commis- Approval of sioner of banks, invest in real estate in said city suitable for and to be used in whole or in part for the transaction of its business to an amount, including the cost of alterations and additions in the nature of permanent fixtures, not exceeding directly or indirectly two hundred and fifty thousand dollars, in addition to the amount permitted by said section fortyone, amended as aforesaid, to be held by said trust company at the time this act takes effect. SECTION 2. This act shall take effect upon its passage.

Approved February 25, 1926.

AN ACT AUTHORIZING THE TOWN OF WALPOLE TO INCUR Chap. 42

INDEBTEDNESS FOR SCHOOL PURPOSES. Be it enacted, etc., as follows:

Section 1. For the purpose of acquiring land for and Town of constructing a new school building or of constructing addi- borrow money

for school tions to school buildings, where such additions increase the

purposes. floor space, and for the purpose of originally equipping and furnishing such building or additions, the town of Walpole may borrow from time to time, within a period of five years from the passage of this act, such sums as may be necessary, not exceeding, in the aggregate, three hundred thousand dollars, and may issue bonds or notes therefor, which shall bear on their face the words, Walpole School Loan, Act of Walpole School 1926. Each authorized issue shall constitute a separate loan, 1926. and such loans shall be paid in not more than fifteen years from their dates, but no issue shall be authorized under this act unless a sum equal to an amount not less than ten per cent of such authorized issue is voted for the same purpose to be raised by the tax levy of the year when authorized. Indebtedness hereunder shall be in excess of the statutory limit, but shall, except as provided herein, be subject to the provisions of chapter forty-four of the General Laws, exclusive of the proviso inserted in section seven of said chapter by chapter three hundred and thirty-eight of the acts of nineteen hundred and twenty-three. SECTION 2. This act shall take effect upon its passage.

Approved February 25, 1926.

AN ACT AUTHORIZING THE TOWN OF FAIRHAVEN TO ACQUIRE Chap. 43

THE UNION WHARF PROPERTY IN SAID TOWN. Be it enacted, etc., as follows:

SECTION 1. The town of Fairhaven may purchase for Town of Fairan amount not exceeding twenty-five thousand dollars, or acquire, etc. may take by eminent domain under chapter seventy-nine Union wharf of the General Laws, the wharf property in said town known said town. as Union wharf, and may maintain and operate the same as a wharf.

Powers of selectmen.

May borrow money, etc.

Fairhaven Wharf Loan, Act of 1926.

SECTION 2. The powers conferred by this act may be exercised by the selectmen, who shall also have power to make rules and regulations governing the use of said wharf, subject, however, to such rules and regulations as the town may fix by vote.

SECTION 3. For the purpose of meeting the expense incurred by the purchase or taking of Union wharf as aforesaid, the town of Fairhaven may borrow from time to time, within a period of five years from the passage of this act, such sums as may be necessary, not exceeding, in the aggregate, twenty-five thousand dollars, and may issue bonds or notes therefor, which shall bear on their face the words, Fairhaven Wharf Loan, Act of 1926. Each authorized issue shall constitute a separate loan, and such loans shall be paid in not more than ten years from their dates, but no issue shall be authorized under this act unless a sum equal to an amount not less than ten per cent of such authorized issue is voted for the same purpose to be provided from available funds or to be raised by the tax levy of the year when authorized. Indebtedness incurred under this act shall be inside the statutory limit and shall, except as herein provided, be subject to chapter forty-four of the General Laws, exclusive of the proviso inserted in section seven of said chapter by chapter three hundred and thirty-eight of the acts of nineteen hundred and twenty-three. SECTION 4. This act shall take effect upon its passage.

Approved February 25, 1926.

Chap. 44 An Act RELATIVE TO THE ADMISSION OF FOREIGN INSURANCE

COMPANIES AND TO THE DEPOSITS REQUIRED OF CERTAIN

FOREIGN LIFE INSURANCE COMPANIES. Emergency Whereas, The deferred operation of this act would tend to preamble.

defeat its purpose, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

G. L. 175, $ 151, etc., amended.

Be it enacted, etc., as follows:

SECTION 1. Section one hundred and fifty-one of chapter one hundred and seventy-five of the General Laws, as amended by section twelve of chapter two hundred and sixty-seven of the acts of nineteen hundred and twenty-five, is hereby further amended by inserting after the word "commonwealth" in the fifty-first line the words: -, that the company is in a sound financial condition and that its business policies, methods and management are sound and proper, and by adding at the end thereof the words: which the commissioner may refuse to issue if he is of the opinion that such refusal will be in the public interest, that clauses Second and Fifth will read as follows: — Second, It has satisfied the commissioner that (1) it is fully and legally organized under the laws of its state or government

SO

Admission of
foreign insur-
ance com-
panies, proof
of organization,

to do the business it proposes to transact; that (2) it has, capital, assets, if a stock company, other than life, a fully paid-up capital, condition, etc. exclusive of stockholders' obligations of any description, unimpaired on the basis fixed by sections ten to twelve, inclusive, of an amount not less than is required by sections forty-eight and fifty-one of domestic stock companies transacting the same classes of business; that (3), it has, if a mutual company, other than life, and (a), if it proposes to transact business under any one of the clauses of section forty-seven, except the fourth, eleventh, fourteenth or fifteenth, or under the first and eighth clauses thereof, net cash assets computed on the basis fixed by sections ten to twelve, inclusive, at least equal to the amount of capital required by sections forty-eight and fifty-one of a domestic stock company transacting the same classes of business, or net cash assets, so computed, of not less than fifty thousand dollars and contingent assets of not less than three hundred thousand dollars, or net cash assets, so computed, of not less than seventy-five thousand dollars and contingent assets of not less than one hundred and fifty thousand dollars, or net cash assets equal to its total liabilities, both computed as aforesaid, and contingent assets of not less than one hundred thousand dollars; or, (6), if it proposes to transact business under the fourth clause of said section forty-seven, a fully paid-up and unimpaired guaranty capital of not less than two hundred thousand dollars and net cash assets, so computed, exclusive of said capital, of not less than one hundred thousand dollars; or, (c), if it proposes to transact business under the first, second and eighth clauses of said section forty-seven, net cash assets, so computed, of not less than four hundred thousand dollars, or net cash assets, so computed, of not less than three hundred thousand dollars and contingent assets of not less than two hundred thousand dollars; or, (d), if it proposes to transact business under any two or more of the fourth, fifth, sixth, seventh, eighth, ninth, tenth, twelfth and thirteenth clauses of said section forty-seven, net cash assets, computed as aforesaid, of not less than one hundred thousand dollars for each clause under which it proposes to transact business, in addition to the guaranty capital and net cash assets required by (6) hereof if it proposes to transact business under said fourth clause; that (4) such capital and assets, other than contingent, are well invested and available for the payment of losses in the commonwealth, that the company is in a sound financial condition and that its business policies, methods and management are sound and proper; and (5) that it insures in a single risk wherever

an amount no larger than one tenth of its net assets except as provided in section twenty-one. Fifth, It has obtained from the commissioner a license License from

commissioner. stating that it has complied with the laws of the commonwealth and specifying the kinds of business it is authorized to transact, which the commissioner may refuse to issue if Refusal to

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issue.

G. L. 175, $ 153, amended.

Conditions of admission of foreign life insurance companies.

he is of the opinion that such refusal will be in the public interest.

SECTION 2. Said chapter one hundred and seventy-five is hereby further amended by striking out section one hundred and fifty-three and inserting in place thereof the following: Section 153. A company organized under the laws of any other state of the United States for the transaction of life insurance may, subject to all the provisions of section one hundred and fifty-one so far as applicable to a life company, be admitted and authorized to do business in this commonwealth if, in the opinion of the commissioner, it has the requisite funds of a life company and has policies in force upon not less than one thousand lives in the United States for an aggregate amount of not less than one million dollars. Any such company organized under the laws of a state or government other than one of the United States may be so admitted and authorized, subject to all the provisions of section one hundred and fifty-one as aforesaid, if, in addition to fulfilling all the requirements of this section, it complies with section one hundred and fifty-five, and if it shall have and keep on deposit as provided in section one hundred and fifty-five or in the hands of trustees as provided in section one hundred and fifty-six, in exclusive trust for the security of its contracts with policyholders in the United States, funds of an amount equal to the net value of all its policies in the United States, less all indebtedness thereon, and not less than two hundred thousand dollars.

Approved February 25, 1926.

Deposits.

Chap. 45 AN ACT AUTHORIZING CITIES AND TOWNS TO INCUR INDEBT

EDNESS OUTSIDE THE STATUTORY LIMIT FOR CONSTRUCTING

AND LAYING AQUEDUCTS AND LARGE WATER MAINS. Emergency preamble.

Whereas, The deferred operation of this act would tend to defeat its purpose, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

Be it enacted, etc., as follows: G. L. 44, $8,

Section eight of chapter forty-four of the General Laws, as amended by section eleven of chapter four hundred and eighty-six of the acts of nineteen hundred and twenty-one and by section one of chapter three hundred and three of the acts of nineteen hundred and twenty-three, is hereby further amended by inserting after clause (36), inserted therein by

section one of said chapter three hundred and three, the Municipal indebtedness,

following new clause: - (3c) For constructing and laying etc., for aque- aqueducts and water mains of sixteen inches or more in ducts and large diameter, twenty-five years. Approved February 25, 1926.

etc., new clause after clause (36).

AN ACT TO VALIDATE CERTAIN NOMINATIONS OF TOWN Chap. 46

OFFICERS. Whereas, The deferred operation of this act would cause Emergency substantial inconvenience and confusion, therefore it is preamble. hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

amended

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Be it enacted, etc., as follows:

Chapter forty-five of the acts of nineteen hundred and 1924, 45, etc., twenty-four, as amended by chapter sixty-three of the acts of nineteen hundred and twenty-five, is hereby further amended by inserting after the word “twenty-five” in the third line the words: or in the year nineteen hundred and twenty-six, so as to read as follows: All nominations Certain

nominations of candidates for town offices to be filled at annual town of town meetings in the year nineteen hundred and twenty-four or officers valiin the year nineteen hundred and twenty-five or in the year nineteen hundred and twenty-six made by nomination papers which have been filed with and accepted by, or shall hereafter be filed with, any town clerk in conformity with section ten of chapter fifty-three of the General Laws, as amended by chapter three hundred and eighty-seven of the acts of nineteen hundred and twenty-one, if and in so far as such nominations may be invalid by reason of being submitted to the registrars for the purpose of having the signatures thereon certified, in accordance with the provisions of section seven of said chapter fifty-three, as amended by section one of chapter two hundred and fourteen of the acts of nineteen hundred and twenty-two, instead of in accordance with the provisions of said section, as finally amended by chapter one hundred and twenty-four of the acts of nineteen hundred and twenty-three, are hereby made valid.

Approved February 25, 1926.

AN ACT AUTHORIZING THE SPRINGFIELD CO-OPERATIVE BANK Chap. 47

TO INVEST AN ADDITIONAL SUM OF MONEY IN REAL ESTATE

FOR BANKING PURPOSES.
Be it enacted, etc., as follows:
SECTION 1. The Springfield Co-operative Bank, a

CO- Springfield

Co-operative operative bank organized under the laws of this common- Bank may inwealth, and having its usual place of business in the city of vest additional Springfield, may, subject to the approval of the commissioner estate for of banks, invest in the purchase and preparation of a suit- purposes. able building in said city to be used in whole or in part for the convenient transaction of its business, an amount not exceeding fifty thousand dollars in addition to the amount heretofore authorized by law to be invested for the aforesaid purposes; provided, however, that nothing contained Proviso. herein shall be construed as authorizing a total investment

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