General Laws of Massachusetts - Chapter 172 Trust Companies - Section 1 Definitions

Section 1. Wherever used in this chapter, unless the context otherwise requires, the following words shall have the following meanings:—

“Board” or “board of bank incorporation”, a board consisting of the commissioner of banks, the commissioner of revenue, and the state treasurer.

“Capital stock”, the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.

“Commissioner”, the commissioner of banks.

“Common stock”, the shares of capital stock of a trust company, other than preferred stock, issued under the provisions of this chapter.

“Deposit book” or “pass book”, the book or other instrument issued to a depositor as evidence of his savings account.

“Incorporators”, subscribers to the agreement of association for the purpose of forming a trust company under the provisions of this chapter.

“Officer”, any individual designated as such in accordance with the by-laws including, whether or not so designated, the president, vice-president, treasurer, and the clerk or secretary, or any individual who performs the duties appropriate to those offices.

“Stockholder”, a registered owner of shares of capital stock of a trust company.

“Surplus account”, an account so designated on the books of a trust company and consisting of such amounts as shall be required by law or shall be transferred thereto by vote of the board of directors, which may not be reduced except by vote of the board of directors, and with the written approval of the commissioner.

“Trust company” or “such corporation”, a trust company incorporated as such in the commonwealth.

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Last modified: September 11, 2015