Massachusetts · statute · Mass. Gen. Laws ch. 168 · 33 active provisions
Section 1. (a) As used in sections 1 to 9, inclusive, the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean, a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer. (b) As used in this chapter, the following words…
Section 2. A savings bank shall have all the powers expressly granted by law and whatever further incidental powers may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common or accepted banking customs and usages.
Section 3. A corporation organized pursuant to this chapter prior to January 1, 1955 shall be subject to this chapter and chapters 167C to 167G, inclusive, chapter 167I and chapter 167J so far as is consistent with its charter, and may, by vote of its corporators at its annual meeting or at a meeting called for the pur…
Section 4. A savings bank shall upon its incorporation have such capital structure as the board of bank incorporation shall deem adequate. Such capital structure may vary by the board based on the application and business plan submitted.
Section 5. Fifteen or more individuals who associate themselves by a written agreement for the purpose of forming a savings bank may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in the Gen…
Section 6. A notice of the intention of the incorporators to form such a savings bank shall be submitted to the board of bank incorporation. A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers designated by the board and published i…
Section 7. The first meeting of the incorporators shall be called by a notice signed either by that incorporator who is designated in the agreement for the purpose, or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. A copy of the notice shall, at least 7 days…
Section 8. The president, clerk or secretary and a majority of the trustees or directors, as applicable, elected at such first meeting shall make and sign under penalties of perjury articles of organization in duplicate, setting forth: (1) a true copy of the agreement of association, the names of the incorporators ther…
Section 9. When all the capital stock has been issued for a stock bank, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be verified by the clerk of…
Section 10. A mutual bank shall be subject to sections 11 to 21A, inclusive, and a stock bank shall be subject to sections 21A to 26, inclusive.
Section 11. Meetings of the corporators, board of trustees and board of investment of a mutual bank shall be held in the town where the main office of the corporation is located or at any other place within the counties in which the bank has a branch office.
Section 12. A mutual bank shall have at least 25 corporators and may, at a legal meeting of the corporators, elect by ballot to be a corporator any person who is a resident of the commonwealth, or any person who resides in another state; provided, however, that not less than a majority of said corporators shall be citi…
Section 13. The annual meeting of the corporators of a mutual bank shall be held at a time as the by-laws direct. Special meetings may be held by order of the trustees or upon written request of at least 10 corporators addressed to the clerk who shall give notice of special meetings upon that order or request. In the a…
Section 14. A mutual bank shall have a board of trustees, subject to paragraphs (1) to (4), inclusive. (1) Number. The board shall consist of not less than 11 trustees and such additional number, if any, as may be provided in the by-laws. (2) Qualifications. The business of the corporation shall be managed by a board o…
Section 15. A regular meeting of the board of trustees of a mutual bank shall be held at least once every 3 months, for the purposes set forth in this section and for the transaction of other business. Special meetings may be called by the president or shall be called by the clerk, if requested in writing by at least 3…
Section 16. (a) A mutual bank shall have a board of investment consisting of not less than 5 members, who shall be trustees of the corporation. Only 1 of the persons holding the office or performing the duties of president, executive vice president, senior vice president or treasurer shall at the same time be a member…
Section 17. In addition to the trustees and members of the board of investment, the officers of a mutual bank shall be a president, 1 or more vice presidents, a treasurer, a clerk and, subject to applicable provisions of the by-laws, such other officers as from time to time may be determined by the trustees to be neces…
Section 18. The clerk of a mutual bank and such members of the board of trustees as may be required to be elected under section 14 shall be elected at the annual meeting or at a special meeting of the corporators between meetings of the corporation. The president shall be elected by the trustees. If any such office bec…
Section 19. Each person elected to office at the annual meeting or at any other meeting of the corporators or trustees, who is not present at the meeting at which such person was elected shall be notified, in writing, of the election by the clerk of the corporation. The notice shall be sent within 10 days after the mee…
Section 20. At least once during each 12 month period, the trustees shall elect an auditing committee of not less than 3 trustees who shall not be operating officers or members of the board of investment. The members of such committee shall take an oath of office in the manner and within the period prescribed by sectio…
Section 21. The by-laws of the corporation may provide for any and all matters relative to the business and affairs of the corporation as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed.
Section 21A. Subsection (a) to (d), inclusive, shall apply to meetings of the board and its committees for both a savings bank in mutual form or in stock form. (a) Unless the articles of organization or by-laws provide that action, required or permitted by this chapter or another general law, shall be taken by the trus…
Section 22. A stock bank may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. It may also establish regulations controlling the assignment and transfer of its shares. A majority in i…
Section 23. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid, and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of 2 or more persons shall be v…
Section 24. The business of a stock bank shall be managed by a board of not less than 7 nor more than 25 directors. A majority of the directors shall be citizens of the commonwealth and residents therein. The directors shall be elected, in such manner as is provided in the by-laws, by the stockholders at their annual m…