General Laws of Massachusetts - Chapter 172 Trust Companies - Section 5 Agreement of association

Section 5. Fifteen or more individuals who associate themselves by a written agreement for the purpose of forming a trust company may, upon compliance with sections four to nine, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all general laws relating to such corporations. The agreement of association shall specifically state:

(a) That the subscribers thereto associate themselves with the intention of forming a corporation;

(b) The name by which the corporation shall be known;

(c) The location of the principal office of the corporation, which shall be within the commonwealth;

(d) The purposes for which the corporation is formed and the nature of the business to be transacted;

(e) The amount and classes of its capital stock, and the number of shares into which any class is to be divided;

(f) The amount of the surplus account;

(g) The amount of the undivided profits account; and

(h) The name of each incorporator and his residence, post office address, and the number of shares of capital stock, if any, which he agrees to take and the class or classes of such shares.

Each incorporator shall subscribe his name to the agreement of association.

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Last modified: September 11, 2015