2010 Massachusetts Code
PART I ADMINISTRATION OF THE GOVERNMENT
TITLE XXII CORPORATIONS
CHAPTER 178A SAVINGS BANK LIFE INSURANCE
Section 2 Savings bank life insurance company; establishment; powers and duties

[ Text of section effective until the filing with the state secretary of restated articles of organization providing for the governance and capital structure of the company. Repealed by 2010, 176, Sec. 1. See 2010, 176, Sec. 4.]

Section 2. There is hereby established a domestic stock life insurance company to be known as The Savings Bank Life Insurance Company of Massachusetts and such company shall have all the rights, powers and privileges and be subject to all the duties, liabilities and restrictions of a domestic stock insurance company established under the provisions of chapter one hundred and seventy-five, except as otherwise provided herein. Upon the date of conversion, such company may issue insurance contracts as set forth in clause sixteenth of section forty-seven of said chapter one hundred and seventy-five and shall assume the ownership and operation of the insurance departments of all savings and insurance banks and the Savings Bank Life Insurance Council, established by section thirty-two of chapter one hundred and seventy-eight, as hereinafter provided. The company shall be subject to the provisions of chapter sixty-three, insofar as applicable, in the same manner as a life insurance company as defined in section one hundred and eighteen of said chapter one hundred and seventy-five.