Section 50A: Mutual companies; amendment of articles of organization
151 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/50a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 50A. A mutual company, by a majority vote of those members present and voting, at a meeting duly called for the purpose, may authorize an amendment of its articles of organization to change its corporate name. A mutual company, by a two thirds vote of those members present and voting, at a meeting duly called for the purpose, may authorize an amendment of its articles of organization to alter, add to or change, to the extent authorized by this chapter, the classes of insurance for transaction of which it is incorporated and may authorize any other amendment or restatement of its articles of organization, provided, only, that any provision added to or changes made in its articles of organization by such amendment or restatement could have been included in, and any provision deleted thereby could have been omitted from, original articles of organization filed at the time of such meeting.