Section 21: Powers of insolvency fund
153 words·~1 min read·
/ma/part-i/title-ii/chapter-21c/21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 21.
(1)The insolvency fund, subject to the supervisory authority of the commissioner and as provided in the plan of operation, may:
(a)enter into such contracts as are necessary or proper to carry out the provisions and purposes of this chapter;
(b)sue or be sued, including taking any legal actions necessary or proper for recovery of any unpaid assessments;
(c)borrow money to effect the purposes of sections fifteen to thirty, inclusive;
(d)employ or retain such persons as are necessary to handle the financial transactions of the insolvency fund and to perform such other functions as become necessary or proper;
(e)take such legal action as may be necessary to avoid payment of improper claims.
(2)The insolvency fund may join an organization of one or more other state funds or associations of similar purposes, to further the purposes and administer the powers and duties of the insolvency fund.