Section 5: Investment of reserve fund
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/ma/part-i/title-xxii/chapter-157/5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5. At any regular meeting, or at any duly called special meeting, at which a majority of its stockholders are present, a corporation formed under section three may authorize the investment if its reserve fund or any part thereof, first, in the building where it is doing business, or, second, in a first mortgage of real estate owned and occupied as a dwelling by any of its stockholders.