General Laws of Massachusetts - Chapter 172 Trust Companies - Section 6 Notice and application to board of bank incorporators; certificate; hearing

Section 6. A notice of the intention of the subscribers to form such a trust company shall be given 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 three successive weeks, in one or more newspapers designated by the board, and published in the city or town in which it is proposed to establish the trust company, or if there is no newspaper in such city or town, in a newspaper published in the city or town which is nearest to the proposed location. Such notice shall specify the names of the proposed incorporators, the name of the corporation and the location of the same, as set forth in the agreement of association. Within thirty days after the first publication of said notice the subscribers to said agreement shall apply to the board for a certificate that public convenience and advantage will be promoted by the establishment of such trust company. Such an application for a proposed trust company or proposed credit union shall be accompanied by an investigation fee, the amount of which shall be determined by the commissioner of administration under the provision of section three B of chapter seven. In determining whether the public convenience and advantage will be promoted by the establishment of such trust company, the board shall consider the adequacy of its capital structure, the general character of its management, the adequacy of banking facilities in the area, and the convenience and needs of the community to be served. The board may grant such certificate, which shall be deemed to be revoked if the applicants therefor do not become incorporated and begin business within one year after its date of issue. If the board refuses to issue such certificate, no further proceeding may be taken by the applicant during the year next following the date of such refusal except with the approval of the board, but the applicant may renew his application as of right after one year from the date of such refusal, and he may dispense with further notice or publication unless the board orders such notice or publication.

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Last modified: September 11, 2015