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General Laws

Section 173. The licenses described in sections 162M, 162N, one hundred and sixty-eight and one hundred and seventy-two may, upon payment of the fees prescribed by section fourteen, be issued to partnerships on the conditions specified in and subject to said sections, except as otherwise provided herein. Each license shall specify by name the partners authorized to act thereunder in the name and on behalf of the partnership, which shall include all the partners except as provided below. Executors, administrators and trustees of the estates of deceased partners who were members of the partnership to be licensed or any predecessor partnership which conducted a business to which the partnership to be licensed has directly or indirectly succeeded and partners or former partners who have retired from active participation in such partnership or any such predecessor partnership or their legal representatives may be partners in the partnership for periods not exceeding in the case of such executors, administrators or trustees ten years from the death of such partner, for the sole purpose of protecting and enforcing any rights of such deceased or retired partner. Such partners shall not be specified in the license and shall not be authorized to act in the name or on behalf of the partnership in respect to any matter requiring a license under any of said sections; provided, that any such nonspecified partner may request the continuance with the partnership of the account of any one who was a customer of such partnership or predecessor partnership at the date of such death or retirement. Each partner so to be specified shall file the statement or application required by law, including a written request that the license be issued in the partnership name, and a list of the partners to be specified in the license; partners not to be specified shall not be required to file such statement or application, but there shall be furnished with respect to them such information as the commissioner shall request. Together with said statements or applications, there shall be filed a duplicate original of the written partnership agreement signed by all the partners. The license shall be issued in the partnership name, and may be revoked or suspended as to one or all specified members of the partnership. Minors who are parties to the written articles of partnership may be included in the partnership license, provided that there is one adult member of the firm who is a specified partner. If the partnership is terminated prior to the expiration of the license, the partners shall forthwith give notice thereof to the commissioner, who shall thereupon without a hearing revoke the license. Each specified partner shall be personally liable to the penalties of the insurance laws for any violation thereof, although the act of violation is done in the name of or on behalf of the partnership. Whoever, being licensed as a specified partner under this section, fails to give notice as required herein of the termination of the partnership, or after the partnership is terminated acts under such license, shall be punished by a fine of not less than twenty nor more than five hundred dollars.

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