Section 87UU Corporations, societies, associations or partnerships; application for broker’s license
Section 87UU. An application for a broker’s license by a corporation, society, association or partnership shall designate at least one of its officers or partners as its representative for the purpose of obtaining its said license, and each such officer or partner so designated shall apply to the board for a broker’s license in his own name at the same time unless he is already a licensed broker.
No broker’s license shall be issued to a corporation, society, association or partnership unless an officer or partner so designated has been issued a broker’s license as an individual. When the officer or partner so designated has been issued a broker’s license as an individual and the corporation, society, association or partnership has complied with all pertinent requirements for the issuance of a broker’s license to it, the board shall, for a fee, as determined annually by the commissioner of administration under the provision of section three B of chapter seven, paid in advance to the board, issue to it a broker’s license which shall also bear the name of each designated officer or partner to whom a broker’s license as an individual has been issued, and each such designated officer or partner shall be entitled to perform all the acts of a broker as agent or officer of such corporation, society, association or partnership, but shall not so act on his own behalf so long as he continues to be a designated officer or partner, unless the written consent thereto of such corporation, society, association or partnership is filed with the board. The license of a corporation, society, association or partnership shall cease unless at least one such designated officer or partner, as the case may be, is a licensed broker. If any designated officer or partner shall be refused a license or renewal, or if his license is revoked or suspended, or if he ceases to be connected with or to act in behalf of such corporation, society, association or partnership, it shall have the right to designate another officer or partner in his place who shall apply for a broker’s license as an individual, unless he is already a licensed broker. Upon the death or disability of a sole designated officer or partner, who has been licensed, or upon the severance of his connection with the corporation, society, association or partnership, the corporation, society, association or the surviving partner or partners or successor partnership of the licensed partnership, if any, acting by another officer or partner, as the case may be, may continue to transact business and to exercise all rights of a broker subject to such regulations as may be made by the board, for a period not to exceed one year from such death, disability or severance as if its license were in full force and effect, subject to the suspension or revocation of such privilege for any cause which would be grounds for the suspension or revocation of a license; provided, that it shall proceed with due diligence to qualify for the issuance of a new license; and, provided, further, that the corporation, society, association or the surviving partner or partners or successor partnership, as the case may be, shall maintain in effect during said period a bond as prescribed in section eighty-seven TT as if a broker’s license had been issued and was in effect for such period.
Except as otherwise provided, nothing in this section shall permit any other individual connected with any corporation, society, association or partnership, to which a license has been issued, to act as a broker or salesman on its behalf or otherwise without first obtaining a license so to act, and nothing in this section shall be construed as preventing any such other individual who is a licensed broker or salesman from acting as such on its behalf, if so authorized by it.
No salesman’s license shall be issued to a corporation, society, association or partnership.