agents, brokers, seventy-four by section thirteen of chapter four hundred and six and by section seventeen of chapter four hundred and fifty, both of the acts of nineteen hundred and twentyfour, is hereby further amended by striking out said section one hundred and seventy-four and inserting in place thereof the following:- Section 174. The licenses described in Certain corsections one hundred and sixty-three, one hundred and be licensed as porations may sixty-six, one hundred and sixty-seven, one hundred and insurance sixty-eight and one hundred and seventy-two may, upon etc. payment of the fees prescribed by section fourteen, be issued to any corporation which is incorporated exclusively for the purpose of acting as an insurance agent, broker or adjuster of fire losses, except that no foreign corporation shall be licensed as an insurance agent of a foreign company under said section one hundred and sixty-three or as a special insurance broker under said section one hundred and sixty-eight. Every such license, together with the corpora- Subjection to tion and officers or directors of the corporation named in the certain laws. license, shall be subject to said sections, except as otherwise provided herein. Each license shall specify the officers or License to directors, not exceeding five, who may act thereunder in the specify, etc. name and on behalf of the corporation. Minors may be Minors. designated as such officers or directors in the license. Each Application, officer or director to be specified in the license shall file the etc. statement or application required by law. A certified copy Copy of articles of the articles of organization and of the certificate of incor- of organization, poration shall be filed with the said statements or applications. The license may be revoked or suspended as to the Revocation, corporation or as to any officer or director specified therein. etc., of license. Every officer or director specified in the license shall be Personal liapersonally liable to the penalties of the insurance laws for bility of offiany violation thereof, although the act of violation is done in the name and in behalf of the corporation. The corpora- Liability of tion shall be liable for any such violation, the responsibility corporation. for which cannot be placed on any individual officer or director. etc., to be filed. cers, etc. commissioner, The commissioner may at any time require such infor- Information to mation as he deems necessary in respect to the corporation, etc. its officers, directors or affairs, and may make such ex- Examination of amination of its books and affairs as he deems necessary, books, etc. and for this purpose shall have the powers conferred by section four. Any officer, director, agent or employee of Penalty. any such corporation, who fails or refuses to furnish the commissioner any such information within ten days after written request therefor, and in such form as he may require, or who refuses to submit to such examination, or who obstructs the commissioner or any of his deputies or examiners in the making of such examination, shall be punished by the penalty provided in section four. of amendments The clerk or other corresponding officer shall file with Filing of copies the commissioner, within thirty days after the adoption to articles of thereof, certified copies of all amendments to the articles organization. Notice of dissolution. Penalty. Restrictions as to placing, etc.. of insurance infavor of stock suring or in holders of licensed corporations, etc. to issue, transfer, etc., of stock of licensed corporations, etc. of organization and shall at once notify the commissioner in writing in case of the dissolution of the corporation. Upon receipt of such notice, the commissioner shall forthwith revoke its license without a hearing. Whoever, being clerk or corresponding officer of a corporation licensed under this section, fails to file with the commissioner duly certified copies of all amendments to the articles of organization of such corporation as provided herein, or fails to notify the commissioner of the dissolution of the corporation, or whoever, being specified in the license of such corporation as an officer or director, acts under said license after the dissolution of such corporation, shall be punished by a fine of not less than twenty nor more than five hundred dollars. No corporation licensed under this section, and no officer, director, agent or employee thereof, shall directly or indirectly issue, place or negotiate, or negotiate the continuance or renewal of, or offer to issue, place or negotiate, or offer to negotiate the continuance or renewal of, any policy of insurance insuring or in favor of any stockholder in such corporation, except an officer or director thereof specified in its license; and no stockholder thereof, except as aforesaid, shall directly or indirectly place or procure through, or accept from, such corporation or any officer, director, agent or employee thereof, any policy of insurance, or any continuance or renewal thereof, insuring or in favor of such Restrictions as stockholder. No such corporation, and no officer, director, agent or employee thereof, shall directly or indirectly issue, shares of capital sell or give, or assent to, or record the transfer of, or offer to issue, sell, give or transfer, and no stockholder of such corporation shall directly or indirectly sell, give or transfer, or offer to sell, give or transfer, any of the shares of its capital stock to any person except an officer or director of such corporation specified as aforesaid, if there is in effect a policy of insurance issued, placed or negotiated, or the continuance or renewal whereof was negotiated, by or on behalf of such corporation insuring such person or in his favor, and no person, except an officer or director of such corporation specified as aforesaid, shall directly or indirectly accept or hold any of the shares of such capital stock if there is in effect any such insurance policy insuring him or in his favor. A corporation violating any of the provisions of this paragraph shall be punished by a fine of not less than two hundred nor more than one thousand dollars. Any individual violating any of said provisions shall be punished by a fine of not less than one hundred nor more than one thousand dollars or by imprisonment for not more than thirty days, or both. Penalties. Licensed corporations may remove limita tion on holding of capital stock, etc. SECTION 2. Any corporation licensed under section one hundred and seventy-four of chapter one hundred and seventy-five of the General Laws prior to the effective date of this act may amend its articles of organization as provided in chapter one hundred and fifty-six of the General Laws and also its by-laws to remove the limitation on the holding of its capital stock required by said section one hundred and seventy-four prior to said effective date. Approved March 2, 1926. AN ACT RELATIVE TO THE DATING OF LOCAL TAX BILLS AND Be it enacted, etc., as follows: Chap. 71 amended. etc. SECTION 1. Section three of chapter sixty of the General G. L. 60, § 3, Laws is hereby amended by adding at the end thereof the following new sentence: All tax bills or notices issued pursuant to this section shall be dated April first of the year to which the tax relates, so as to read as follows: Section Notice of local 3. The collector shall forthwith, after receiving a tax list taxes, mailing, and warrant, send notice to each person assessed, resident or non-resident, of the amount of his tax; if mailed, it shall be postpaid and directed to the town where the assessed person resided on April first of the year in which the tax was assessed, and, if he resides in a city, it shall, if possible, be directed to the street and number of his residence. If he is assessed for a poll tax only, the notice shall be sent on or before September second of the year in which the tax is assessed. An omission to send the notice shall not affect Omission to the validity either of a tax or of the proceedings for its collection. All tax bills or notices issued pursuant to this Dating of tax section shall be dated April first of the year to which the tax relates. send notice. bills or notices. amended. Abatement of SECTION 2. Section fifty-nine of chapter fifty-nine of G. L. 59, $ 59, the General Laws is hereby amended by striking out, in the second line, the words "six months after the date of his tax bill" and inserting in place thereof the words: - one year after April first of the year to which the tax relates, — so as to read as follows: Section 59. A person aggrieved local taxes. by the taxes assessed upon him may, within one year after April first of the year to which the tax relates, apply to the assessors for an abatement thereof; and if they find him taxed at more than his just proportion, or upon an assessment of any of his property in excess of its fair cash value, they shall make a reasonable abatement. A tenant of real estate paying rent therefor and under obligation to pay more than a moiety of the taxes thereon may apply for such abatement. amended. SECTION 3. Section seventy-three of said chapter fifty- G. L. 59, § 73, nine is hereby amended by striking out, in the third line, the words "six months after the date of its tax bill" and inserting in place thereof the words: one year after April first of the year to which the tax relates, so as to read as follows: Section 73. Any company aggrieved by the Abatement of taxes assessed on it relating to any property valued in taxes assessed accordance with section thirty-nine may, within one year on telephone certain local and telegraph companies. if return not filed, unless, etc. after April first of the year to which the tax relates, apply to the commissioner for an abatement thereof; and if the commissioner finds that the company is taxed at more than its just proportion, or upon an assessment of any of its said property in excess of its fair cash value, he shall make a No abatement reasonable abatement. No company which has not duly filed the return required by section forty-one shall have an abatement unless it shall furnish to the commissioner a reasonable excuse for the delay, or unless such tax exceeds by more than fifty per cent the amount of the tax which would have been assessed on such property if the return had been seasonably filed, and in such case only the excess Application for over such fifty per cent shall be abated. Whenever any application for abatement hereunder is made, the commissioner shall give notice thereof to the assessors of the town in which is located any of the property with reference to which an abatement of the tax is asked for, and such assessors may appear before the commissioner and be heard by him Notice of com- with relation to the subject of the abatement. The com abatement, notice to as sessors. missioner's decision, etc. Appeal from commissioner's decision. missioner shall, within ten days after his decision on an application for abatement hereunder, give written notice thereof to the applicant and to the assessors. A company aggrieved by the refusal of the commissioner to abate a tax hereunder may prosecute an appeal from his decision in the manner and to the tribunals provided for a person aggrieved by the refusal of assessors to abate a tax, and all laws relating to such an appeal from a refusal of assessors to abate a tax shall apply in proceedings hereunder. Approved March 2, 1926. Chap. 72 AN ACT AUTHORIZING THE CITY OF MEDFORD TO BORROW City of Medford may borrow money for MONEY FOR SCHOOL PURPOSES. Be it enacted, etc., as follows: SECTION 1. For the purpose of constructing school buildings, including the cost of originally equipping and furnishing school purposes. the same, or for the construction of additions to school buildings which increase the floor space of such buildings, including the cost of originally equipping and furnishing such additions, the city of Medford 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, five hundred thousand dollars, and may issue bonds or notes therefor, which shall bear on their face the Medford School Words, Medford School Loan, Act of 1926. Each authorized issue shall constitute a separate loan, and such loans shall be paid in not more than fifteen years from their dates, but no issue shall be authorized under this section 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 incurred under this act shall be in excess of the statutory limit, but shall, except as provided herein, be subject to Loan, Act of 1926. chapter forty-four of the General Laws, exclusive of the SECTION 2. This act shall take effect upon its passage. AN ACT AUTHORIZING THE TOWN OF NORWOOD TO BORROW Chap. 73 MONEY FOR SCHOOL PURPOSES. Be it enacted, etc., as follows: wood may for school pur poses. School Loan, SECTION 1. For the purpose of constructing a new school Town of Norbuilding, including the cost of originally equipping and borrow money furnishing the same, the town of Norwood 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, eighty thousand dollars, and may issue bonds or notes therefor, which shall bear on their face the words, Norwood School Loan, Act of 1926. Each Norwood authorized issue shall constitute a separate loan, and such Act of 1926. loans shall be paid in not more than fifteen years from their dates, but no issue shall be authorized under this section 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 incurred under this act shall be in excess of the statutory limit, but shall, except as provided herein, 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 2. This act shall take effect upon its passage. AN ACT RELATIVE TO THE REINSURANCE OF RISKS BY DO- Chap. 74 MESTIC LIFE INSURANCE COMPANIES. Be it enacted, etc., as follows: second par., Section twenty of chapter one hundred and seventy-five G. L. 175, § 20, of the General Laws, as amended by section two of chapter etc., amended. two hundred and seventy-seven of the acts of nineteen hundred and twenty-one, is hereby further amended by striking out, in the thirty-third and thirty-fourth lines, the words "not exceeding one half of an individual risk" and inserting in place thereof the following: - parts of an individual risk not to exceed in any one company the amount retained by the company first writing the insurance, SO that the second paragraph will read as follows: - Such Reinsurance reinsurance shall not reduce the taxes to be paid by the companies not ceding company, nor, if a life company, shall it reduce the to reduce taxes, reserve to be charged to it, unless effected with a company authorized to issue policies in the commonwealth covering risks of the same kinds as those reinsured, or with a company by insurance etc. |