General Laws of Massachusetts - Chapter 172 Trust Companies
- Massachusetts General Laws - Definitions - Chapter 172, 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...
- Massachusetts General Laws - Powers - Chapter 172, Section 1A
A trust company 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, inclusive - Chapter 172, Section 2
(a) Except as herein otherwise specifically provided, this chapter shall apply to all trust companies. (b) A trust company doing business under a charter issued...
- Massachusetts General Laws - Use of words “trust company” - Chapter 172, Section 3
No person, other than a trust company, shall use the words “trust company”, even though said words may be separated by one or more other...
- Massachusetts General Laws - Capital structure upon incorporation - Chapter 172, Section 4
A trust company shall upon its incorporation have such capital structure as the board of bank incorporation shall deem adequate but not less than the...
- Massachusetts General Laws - Agreement of association - Chapter 172, 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...
- Massachusetts General Laws - Notice and application to board of bank incorporators; certificate; hearing - Chapter 172, 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...
- Massachusetts General Laws - First meeting of incorporators - Chapter 172, 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...
- Massachusetts General Laws - Articles of organization; certificate of incorporation - Chapter 172, Section 8
The clerk or secretary and a majority of the directors elected at such first meeting shall make and sign under penalties of perjury articles of...
- Massachusetts General Laws - List of stockholders; certificate authorizing corporation to begin transacting business - Chapter 172, Section 9
When all the capital stock has been issued, a list of the stockholders, with the name, residence and post office address of each, and the...
- Massachusetts General Laws - Limited purpose trust company; notice and application; out-of-state offices - Chapter 172, Section 9A
After notice of intent, application and hearing as the commissioner may require and with his written permission and under conditions he may impose, the commissioner...
- Massachusetts General Laws - Repealed, 1987, 239, Sec. 10 - Chapter 172, Section 10
Repealed, 1987, 239, Sec.
- Massachusetts General Laws - By-laws - Chapter 172, Section 11
Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the...
- Massachusetts General Laws - Stockholder voting - Chapter 172, Section 12
Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than six months before the date of the meeting named...
- Massachusetts General Laws - Board of directors; executive committee - Chapter 172, Section 13
The business of such corporation shall be managed by a board of not less than seven nor more than twenty-five directors. A majority of the...
- Massachusetts General Laws - Election of officers - Chapter 172, Section 14
The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose. The...
- Massachusetts General Laws - Officers and employees; bond - Chapter 172, Section 15
The officers of such corporation shall be a president, clerk or secretary, treasurer and such other officers as may be prescribed in accordance with its...
- Massachusetts General Laws - Meetings of board of directors; report on transactions - Chapter 172, Section 16
(a) The board of directors shall meet at intervals, that shall not be less frequent than quarterly, but, upon application in writing by the corporation,...
- Massachusetts General Laws - Duties of treasurer under other provisions of law - Chapter 172, Section 17
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 - Loans or extension of credit to officers or directors; ownership of real property by officers or directors when mortgage held by corporation - Chapter 172, Section 18
An officer or director of a trust company, except as provided in this section, shall not borrow from or otherwise become indebted to a trust...
- Massachusetts General Laws - Director or officer serving in same capacity for other financial institutions - Chapter 172, Section 19
After January first, nineteen hundred and seventy-five, a director or other officer of a trust company may at the same time be a director, trustee...
- Massachusetts General Laws - Fee, commission, gift or other consideration in connection with corporation business; salary, interest on deposits, corporation benefits or profits; disclosure - Chapter 172, Section 20
No officer, director, employee or attorney of a trust company shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift or...
- Massachusetts General Laws - Misconduct of officer, director, agent or employee - Chapter 172, Section 21
Any officer, director, agent or employee of any bank, who knowingly and wilfully does any act forbidden to him or to such bank by any...
- Massachusetts General Laws - Annual report; balance sheet - Chapter 172, Section 22
Each trust company 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 - Return in form of trial balance to commissioner - Chapter 172, Section 22A
Every trust company shall at such times as the commissioner orders, but not exceeding five times in any calendar year and within thirty days after...
- Massachusetts General Laws - Violation of Sec. 18 or 20 - Chapter 172, Section 23
Whoever violates any provision of section eighteen or twenty shall be punished by a fine not exceeding five thousand dollars or by imprisonment for not...
- Massachusetts General Laws - Capital stock - Chapter 172, Section 24
The capital stock of a trust company shall be subject to the following provisions: A. Classes. — The capital stock of such corporation may consist...
- Massachusetts General Laws - Options to purchase, issuance and sale of shares of capital stock to employees - Chapter 172, Section 25
Such corporation may grant options to purchase, issue and sell shares of its capital stock to its directors, officers and employees, or to a trustee...
- Massachusetts General Laws - Stock purchase plans, restricted stock purchase plans and stock grant plans - Chapter 172, Section 25A
Such corporation may establish stock purchase plans, restricted stock purchase plans and stock grant plans for employees, officers and directors thereof, whether such director is...
- Massachusetts General Laws - Records and reports of transfers of stock - Chapter 172, Section 26
The registrar, transfer agent or other officer or agent of any such corporation having charge of its stockholders’ records or ledger shall, within ten days...
- Massachusetts General Laws - Notice of proposed acquisition; disapproval - Chapter 172, Section 26A
No person, acting directly or indirectly or through or in concert with one or more other persons, shall acquire control of any such corporation, through...
- Massachusetts General Laws - Acquisition of company having capital stock divided into shares - Chapter 172, Section 26B
A company having capital stock divided into shares which desires to acquire all the capital stock of any such corporation shall, together with such corporation,...
- Massachusetts General Laws - Determination of record date of right to notice of and to vote at stockholders’ meeting - Chapter 172, Section 27
The directors may fix in advance a time, which, unless a shorter period is provided in the by-laws, shall be not more than sixty days...
- Massachusetts General Laws - Dividends - Chapter 172, Section 28
The board of directors may declare from net profits cash dividends annually, semi-annually or quarterly, but not more frequently, and noncash dividends at any time....
- Massachusetts General Laws - Repealed, 1987, 239, Sec. 13 - Chapter 172, Section 29
Repealed, 1987, 239, Sec.
- Massachusetts General Laws - Issue and sale of capital notes or debentures - Chapter 172, Section 30
A. A trust company may, subject to the approval of the commissioner and upon vote of the holders of at least two-thirds of each class...
- Massachusetts General Laws - Reserve - Chapter 172, Section 31
A. Except as otherwise provided in this chapter, every trust company shall at all times maintain, as a reserve, an amount equal to fifteen per...
- Massachusetts General Laws - Reserve balances for federal reserve system members - Chapter 172, Section 32
A trust company which is a member of the federal reserve system shall maintain the reserve balances required by or pursuant to the Federal Reserve...
- Massachusetts General Laws - Insufficient reserves - Chapter 172, Section 33
If the reserve of any trust company is at any time less than the amount which it is required to keep on hand, it shall...
- Massachusetts General Laws - Transfers to surplus reserve - Chapter 172, Section 34
Every trust company shall within thirty days of the close of the calendar year transfer from net profits to its surplus account a sum equal...
- Massachusetts General Laws - Interest on savings deposits - Chapter 172, Section 35
Any such corporation may pay interest on regular savings accounts at such rate as its board of directors may determine and may pay variable rates...
- Massachusetts General Laws - Consolidation or merger; purchase, sale or exchange of assets; conversion - Chapter 172, Section 36
A. With the written approval of the commissioner: (1) any trust company, any banking company, or any national banking association engaged in the business of...
- Massachusetts General Laws - Real estate holdings of trust company successor to national bank - Chapter 172, Section 37
A trust company which succeeds or has succeeded to the business of a national bank may continue to hold the real estate owned and used...
- Massachusetts General Laws - Advance, loan or purchase of bank assets or stock - Chapter 172, Section 38
With the approval of the commissioner, a trust company may advance or loan upon, or purchase, the whole or any part of the assets or...
- Massachusetts General Laws - Restrictions on approval of merger or consolidation applications - Chapter 172, Section 38A
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 - Dissolution and liquidation - Chapter 172, Section 39
Subject to the written approval of the commissioner, any trust company may be dissolved and liquidate its affairs if authorized by a vote passed, at...
- Massachusetts General Laws - Repealed, 1998, 474, Sec. 8 - Chapter 172, Section 40 to 47
Repealed, 1998, 474, Sec.
Last modified: September 11, 2015