General Laws of Massachusetts - Chapter 168 Savings Banks
- Massachusetts General Laws - Definitions - Chapter 168, Section 1
The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings:— “Annual meeting”, the meeting of corporators required...
- Massachusetts General Laws - Powers - Chapter 168, 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...
- Massachusetts General Laws - Application of this chapter and chapters 167C to 167G - Chapter 168, Section 3
Any such corporation organized prior to January first, nineteen hundred and fifty-five, shall be subject to this chapter and chapters one hundred and sixty-seven C...
- Massachusetts General Laws - Agreement to form savings bank; subscribers - Chapter 168, Section 4
Twenty-five or more persons who associate themselves by an agreement in writing for the purpose of forming a savings bank, may, upon compliance with this...
- Massachusetts General Laws - Notice and application to board of bank incorporation; certificate; hearing; special guaranty fund - Chapter 168, Section 5
The subscribers to said agreement shall give notice to the board of bank incorporation of their intention to form a savings bank, and shall apply...
- Massachusetts General Laws - First meeting of subscribers - Chapter 168, Section 6
The first meeting of the subscribers to the agreement of association shall be called by a notice signed either by that subscriber to the agreement...
- Massachusetts General Laws - Articles; certificate of incorporation - Chapter 168, Section 7
The president and a majority of the trustees who are elected at the first meeting shall make, sign and make oath to articles in duplicate,...
- Massachusetts General Laws - Meetings of corporators, board of trustees, and board of investment; location - Chapter 168, Section 8
Meetings of the corporators, board of trustees and board of investment of such corporation shall be held in the town wherein the main office of...
- Massachusetts General Laws - Corporators - Chapter 168, Section 9
Such corporation shall have at least twenty-five corporators and may, at a legal meeting of the corporators, elect by ballot to be a corporator any...
- Massachusetts General Laws - Annual and special meetings - Chapter 168, Section 9A
The annual meeting of the corporators of the corporation shall be held at a time as the by-laws direct. Special meetings may be held by...
- Massachusetts General Laws - Board of trustees - Chapter 168, Section 10
Such corporation shall have a board of trustees, subject to the following provisions:— 1. Number. — The board shall consist of not less than eleven...
- Massachusetts General Laws - Meetings of board of trustees - Chapter 168, Section 11
A regular meeting of the board of trustees of such corporation shall be held at least once in three months, for the purposes set forth...
- Massachusetts General Laws - Board of investment; membership; reports; meetings - Chapter 168, Section 12
(a) The corporation shall have a board of investment of not less than 5 members, who shall be trustees of the corporation. Only 1 of...
- Massachusetts General Laws - Officers - Chapter 168, Section 13
In addition to the trustees and members of the board of investment, the officers of such corporation shall be a president, one or more vice...
- Massachusetts General Laws - Election of officers and trustees - Chapter 168, Section 14
The president, vice presidents, clerk of the corporation and such members of the board of trustees as may be required to be elected under the...
- Massachusetts General Laws - Notice to persons elected; list of names of officers and trustees - Chapter 168, Section 15
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...
- Massachusetts General Laws - Auditing committee; other committees - Chapter 168, Section 16
At least once during each twelve-month period, the trustees shall elect an auditing committee of not less than three trustees who shall not be operating...
- Massachusetts General Laws - By-laws - Chapter 168, Section 17
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...
- Massachusetts General Laws - Bond of officers and employees - Chapter 168, Section 18
Officers and employees of such corporation shall be bonded to the extent and in the form determined by the board of trustees.
- Massachusetts General Laws - Loans or extensions of credit to officers or trustees; ownership of real property by officers or trustees when mortgage held by corporation - Chapter 168, Section 19
A corporation, except as provided in this section, shall not make a loan or extend credit in any manner to any of its officers or...
- Massachusetts General Laws - Annual report to commissioner of loan or extension of credit to officers, directors, trustees or principal shareholders - Chapter 168, Section 20
Every such corporation shall be required to make an annual report to the commissioner of any loan or extension of credit in any manner (i)...
- Massachusetts General Laws - Duties of treasurer under other provisions of law - Chapter 168, Section 21
In addition to the duties imposed by law upon the treasurer of a bank, or the officer or employee thereof charged with the duties and...
- Massachusetts General Laws - Misconduct of officer, director, trustee or employee - Chapter 168, Section 22
Any officer, director, trustee or employee of any bank, who knowingly and wilfully does any act forbidden to him or to such bank by any...
- Massachusetts General Laws - Fee, commission, gift or other consideration for or in connection with business of corporation - Chapter 168, Section 23
No officer, director, trustee, employee or attorney of such corporation shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift or...
- Massachusetts General Laws - Violations; penalty - Chapter 168, Section 23A
Whoever violates any provisions of sections nineteen, twenty and twenty-three shall be punished by a fine of not more than five thousand dollars or by...
- Massachusetts General Laws - Wrongful payment or authorization of payment of interest - Chapter 168, Section 24
Any officer, agent, clerk or servant of a savings bank who pays or authorizes the payment of interest in violation of the provisions of section...
- Massachusetts General Laws - Examination and audit - Chapter 168, Section 25
At least once during each twelve months following their elections and more often if required by the commissioner, the auditing committee, referred to in section...
- Massachusetts General Laws - Report to commissioner; balance sheet - Chapter 168, Section 26
Every such corporation shall, annually, within thirty days after the last business day of December, make a report to the commissioner in such form as...
- Massachusetts General Laws - Surplus accounts - Chapter 168, Section 27
Such corporation shall establish and maintain such surplus accounts as may be determined by the trustees of such corporation to be reasonable and prudent to...
- Massachusetts General Laws - Reserve balances - Chapter 168, Section 27A
Such corporation shall maintain the reserve balances required by the Federal Reserve Act (12 U.S.C. 461(b)), and in the event such reserves are less than...
- Massachusetts General Laws - Report to trustees by auditing committee - Chapter 168, Section 28
At least semi-annually, the auditing committee, referred to in section sixteen, shall report to the trustees that they have reviewed the financial report of the...
- Massachusetts General Laws - Payment of interest - Chapter 168, Section 29
Such corporation may pay interest on deposit accounts in accordance with applicable law. Rates of interest may vary based on the type of account or...
- Massachusetts General Laws - Repealed, 1983, 590, Sec. 11 - Chapter 168, Section 30 to 32
Repealed, 1983, 590, Sec.
- Massachusetts General Laws - Liquidation and dissolution - Chapter 168, Section 33
Such corporation may, if authorized by vote of at least two-thirds of its corporators at a meeting specially called to consider the subject, liquidate its...
- Massachusetts General Laws - Merger or consolidation of savings banks - Chapter 168, Section 34
Any two or more such corporations may merge or consolidate into a single corporation on such terms as shall have been approved in writing by...
- Massachusetts General Laws - Merger or consolidation of savings bank and co-operative bank - Chapter 168, Section 34A
Any one or more such corporations and any one or more cooperative banks, as defined in section one of chapter one hundred and seventy, may...
- Massachusetts General Laws - Merger or consolidation of savings bank and thrift institution - Chapter 168, Section 34B
Any one or more such corporations and any one or more thrift institutions may merge or consolidate into a single savings bank or into a...
- Massachusetts General Laws - Conversion of savings bank to stockholder owned form of corporation - Chapter 168, Section 34C
Notwithstanding any general or special law to the contrary, a savings bank, subject to approval of the commissioner, may convert to a stockholder owned form...
- Massachusetts General Laws - Consolidation or merger of converted stock corporations into single state or federally-chartered stock corporations - Chapter 168, Section 34D
Any one or more such stock corporations may, upon compliance with the provisions of section seventy-eight of chapter one hundred and fifty-six B, which are...
- Massachusetts General Laws - Conversion of savings bank to stockholder owned form of corporation - Chapter 168, Section 34E
(a)(1) Notwithstanding any general or special law to the contrary, a savings bank may convert to a stockholder owned form of corporation pursuant to this...
- Massachusetts General Laws - Merger or consolidation of credit unions and corporations into single savings bank - Chapter 168, Section 34F
Any one or more of such corporations and any one or more credit unions, as defined in section one of chapter one hundred and seventy-one,...
- Massachusetts General Laws - Conversion of credit union into savings bank in mutual form - Chapter 168, Section 34G
A credit union as defined in section 1 of chapter 167 may convert into a savings bank in mutual form pursuant to section 80A of...
- Massachusetts General Laws - Advance, loan upon or purchase of bank assets or stock - Chapter 168, Section 35
With the approval of the commissioner, any such corporation may advance or loan upon or purchase the whole or any part of the assets or...
- Massachusetts General Laws - Limitations on approval of merger or consolidation - Chapter 168, Section 35A
The commissioner shall not approve an application for a merger or consolidation pursuant to this chapter if the bank sought to be acquired has been...
- Massachusetts General Laws - Surrender of charter to accept federal savings bank charter; excess insurance - Chapter 168, Section 36
Any such corporation may upon a majority vote of its board of investment, petition the board of bank incorporation for authority to surrender its charter...
- Massachusetts General Laws - Conversion of savings bank to federal savings and loan association - Chapter 168, Section 37
Any such corporation involved in the business of home financing may convert to a federal savings and loan association in accordance with the provisions of...
- Massachusetts General Laws - Conversion of federal savings and loan association or federal savings bank to savings bank - Chapter 168, Section 38
Any federal savings and loan association or federal savings bank may convert to a savings bank under the provisions of this chapter upon a vote...
- Massachusetts General Laws - Savings banks employees retirement association - Chapter 168, Section 39
Fifteen or more savings banks may form the Savings Banks Employees Retirement Association in this section, and in sections 40 and 41, called the association...
- Massachusetts General Laws - By-laws of association - Chapter 168, Section 40
The by-laws of the association shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom,...
- Massachusetts General Laws - Association property, etc.; tax exemption, attachment, execution or assignment - Chapter 168, Section 41
The property of the association, the portion of the wages or salary of any employee deducted or to be deducted under sections thirty-nine and forty,...
- Massachusetts General Laws - Savings Banks Employees Benefit Association - Chapter 168, Section 42
The participating members of the Savings Banks Employees Retirement Association, established by section thirty-nine shall constitute as the Savings Banks Employees Benefit Association, in this...
- Massachusetts General Laws - By-laws of benefit association; filing; report to commissioner - Chapter 168, Section 43
The trustees of the Savings Banks Employees Retirement Association, on the effective date of this section, shall prepare the by-laws of the benefit association and...
- Massachusetts General Laws - Exemption of property of benefit association - Chapter 168, Section 44
The property of the benefit association shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be...
Last modified: September 11, 2015