General Laws of Massachusetts - Chapter 93 Regulation of Trade and Certain Enterprises - Section 34 Powers and duties of commissioner of banks

Section 34. The commissioner of banks shall have the same powers and duties in respect to savings and loan associations which he now has or may hereafter have in respect to savings banks. In the examination of such savings and loan associations inquiry shall be made as to the nature and resources of the association in general, its methods of conducting business, the actions of its officers, the investment of its funds, and as to whether the administration of its affairs is in compliance with its by-laws and the statutes. At each visitation, a thorough examination and audit shall be made of the books, securities, cash, assets, liabilities, income and expenditures, including a trial balance of the shareholders’ ledgers, for the period elapsed since the preceding examination. The expense of such examination and audit shall be paid by the savings and loan association. The person in charge of the examination shall render to the commissioner a report of his findings, in such form as the commissioner may prescribe, and a copy thereof shall be rendered to the board of directors within ten days after the original has been submitted to the commissioner, together with a notice of the amount of the expense aforesaid which shall be due and payable within thirty days after the date of the notice. Upon the failure of any such savings and loan association to pay the said expense within the time prescribed herein, the commissioner shall report the facts to the attorney general, who shall immediately bring an action for the recovery of the sum due. The commissioner shall annually make a report to the general court of such facts and statements relative to the said associations and in such form as he may consider that the public interest requires. The officers of every such association shall answer truly all inquiries made, and shall make all returns required by the commissioner. The provisions of section twenty-eight of chapter one hundred and seventy shall govern such associations where applicable.

With the approval of the shareholders and boards of directors of both institutions, the commissioner may authorize a merger or consolidation of a savings and loan association with a co-operative bank or the purchase of the assets and assumption of the liabilities of a savings and loan association by a co-operative bank upon such terms, conditions and adjustments as the commissioner shall prescribe.

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Last modified: September 11, 2015