Mass. Gen. Laws ch. 176C § 13

Current through Chapter 223 of the 2024 Legislative Session

Section 176C:13 - Grounds for enjoining transaction of business; receivers; distribution of funds

If the department of public health is satisfied as to any corporation subject to this chapter that:

1. It has failed to comply with the provisions of its charter, or

2. It is being operated for profit, or

3. It is fraudulently conducted, or

4. Its condition is such as to render its further transaction of business hazardous to the public or to its subscribers, or

5. Its officers and agents have refused to submit to an examination under section ten, or

6. It has exceeded its powers, or

7. It has violated any provision of law,

it may apply to the supreme judicial court for an injunction restraining such corporation from further proceeding with its business. The court may forthwith issue a temporary injunction restraining the transaction of any business, and it may after a full hearing make the injunction permanent and appoint one or more receivers to take possession of the books, papers, monies and other assets of the corporation, settle its affairs, and distribute its funds to those entitled thereto, subject to such rules and orders as the court may prescribe.

Mass. Gen. Laws ch. 176C, § 13