reglab/housing_qa huggingface dataset:
MA Gen L ch 167h § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 7 - Mutual Holding Company; Powers and Duties

Section 7. A mutual holding company organized under this chapter may:  (1) invest in the stock of 1 or more banking institutions, as defined in section 1 of chapter 167A, or a limited purpose trust company, as defined in section 1 of chapter 167I, which conducts trust and fiduciary business but does not take deposits or otherwise carry on a banking business;  (2) acquire a mutual banking institution, a credit union, as defined in section 1 of chapter 171, a federal credit union, as defined in section 1 of chapter 171, a federal bank, as defined in section 1 of chapter 167, in mutual form, an out-of-state bank, as defined in section 1 of chapter 167, in mutual form and an out-of-state federal bank, as defined in section 1 of chapter 167, in mutual form through consolidation or merger of such institution with its subsidiary banking institution;  (3) merge with or acquire another state or federal mutual holding company or merge with and into or be acquired by another state or federal mutual holding company; provided, that any such mutual holding company shall have as 1 of its subsidiaries a subsidiary banking institution or a federally-chartered or state-chartered bank, which was in mutual form until it reorganized into a mutual holding company under federal law or the law of another state;  (4) merge with or acquire a bank holding company, as defined in section 1 of chapter 167A, or a company in stock form controlling 1 bank that was organized or converted to stock form; provided that the mutual holding company is the continuing entity;  (5) invest in a corporation, the purchase of the capital stock of which is permitted for a banking institution under state law;  (6) exercise any other power or engage in any activity permitted to a mutual banking institution chartered by the commonwealth;  (7) engage directly or indirectly only in such activities as are now or may hereafter be proper activities for bank holding companies under chapter 167A or by applicable federal law or regulations; and  (8) exercise any rights, waive any rights or take or waive any other action with respect to any securities of any subsidiary banking institution which are held by such mutual holding company.
MA Gen L ch 167h § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 8 - Registration With Commissioner; Requisite Information

Section 8. Each mutual holding company shall register with the commissioner on forms prescribed by him which shall include such information with respect to the financial condition, operations, management and intercompany relationships of the mutual holding company and its affiliates and related matters as he may deem necessary or appropriate to carry out the purposes of this chapter. The commissioner may, in his discretion, extend the time within which a mutual holding company shall register and file the requisite information.  The commissioner, from time to time, may require reports under oath to keep him informed as to whether the provisions of this chapter and any regulations established thereunder have been complied with, and he may make examinations of each mutual holding company and each affiliate thereof, the cost of which shall be assessed against and paid by such mutual holding company.  The commissioner may establish such rules and regulations as he deems necessary to carry out the purposes of this chapter.
MA Gen L ch 167h § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 9 - Conversion to Stock Holding Company

Section 9. With the approval of the commissioner and subject to such regulations as he may prescribe, a mutual holding company established pursuant to this chapter may convert to a stock holding company.
MA Gen L ch 167h § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 10 - Acquisition or Merger With Another Holding Company

Section 10. If a mutual holding company acquires or merges with another holding company under the provisions of clause (3) of section seven, the holding company acquired or the holding company resulting from such merger or acquisition may only invest in assets and engage in activities which are authorized under section seven.  Not later than two years following any such merger or acquisition, the acquired holding company or the holding company resulting from such merger or acquisition shall (i) dispose of any asset which is an asset in which a mutual holding company may not invest under section seven, and (ii) cease any activity which is an activity in which a mutual holding company may not engage under said section seven.
MA Gen L ch 167h § 11 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 11 - Subsidiary Banking Institution; Issuance of Securities to General Public

Section 11. In addition to its powers under the banking laws, any subsidiary banking institution shall, with the prior approval of the commissioner and subject to such regulations as he may prescribe, have the right to issue any securities as defined in section one and to take or waive any action in connection with any such issuance or otherwise with respect to any such securities; provided, however, that in no event shall the mutual holding company hold less than fifty-one percent of the combined voting power of all classes of securities of the subsidiary banking institution that have voting power in the election of directors of such subsidiary banking institution, and each time securities of the subsidiary banking institution are offered to the general public for a price payable in cash to the subsidiary banking institution, eligible account holders, as defined in the regulations prescribed by the commissioner, shall receive, without payment, nontransferable subscription rights to purchase such securities for the same price in the manner and to the extent set forth in such regulations. For purposes of this chapter an offer to the general public shall mean an offer to investors generally. It shall not include an offering in connection with an employee stock option or other employee benefit plan, an offering to the holders of convertible or other securities of the subsidiary banking institution, an offering in connection with a merger, acquisition or reorganization or any other similar limited offering.  From and after the time that securities of the subsidiary banking institution have been sold to the general public, there shall be at least two directors of the subsidiary banking institution who are independent and do not serve as an officer, director or employee of, and or not otherwise affiliated with, the mutual holding company or any other subsidiary or affiliate of the mutual holding company.
MA Gen L ch 167h § 12 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167h - Mutual Holding Companies|Section 12 - Conversion of Mutual Holding Company to a Mutual Banking Institution

Section 12. A mutual company directly or indirectly controlling or owning 1 or more wholly owned stock bank subsidiaries or stock holding companies may elect to convert from a mutual holding company to a mutual banking institution organized under the original charter of its subsidiary banking institution, subject to approval of the commissioner and subject to the following conditions:  (1) the conversion of the mutual holding company to a mutual banking institution shall be effected pursuant to a plan of conversion approved by the commissioner and a vote of 2/3 of the corporators of the mutual holding company;  (2) all direct or indirect wholly owned stock bank subsidiaries and stock holding companies of the mutual holding company shall be merged into the resulting mutual banking institution;  (3) the reorganized mutual banking institution shall assume all assets and liabilities of any direct or indirect wholly owned stock bank subsidiary or stock holding company and shall retain deposit insurance from the Federal Deposit Insurance Corporation and the excess deposit insurer of its subsidiary banking institution; and  (4) such other provisions as the commissioner may require.  The commissioner may promulgate rules and regulations to carry out this section.
MA Gen L ch 167i § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 6 - Age and Concentration Limitations for Approval of Application for Merger or Consolidation

Section 6. 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 in existence for less than 3 years or if, as a result of any such merger, the applicant would control more than 30 per cent of the total deposits, exclusive of foreign deposits, of all depository institutions in the commonwealth insured by the Federal Deposit Insurance Corporation, or any successor corporation thereto; provided, however, that either said age requirement or concentration limit, or both, may be waived by the commissioner if economic conditions warrant such waiver. For the purposes of this section, ''foreign deposits'' shall mean deposits received in a foreign country and deposits in Edge and Agreement subsidiaries and international banking facilities.
MA Gen L ch 167i § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 9 - Conversion of Mutual Bank to Stock Bank

Section 9. Notwithstanding any general or special law to the contrary, a mutual bank, subject to approval of the commissioner, may convert to a stock bank.  Any mutual bank which converts to a stock bank shall have all the powers and privileges of a savings bank or co-operative bank, as applicable.  The commissioner shall have the authority to conduct a supervisory conversion of a mutual bank to stock form if the commissioner determines that upon liquidation of the mutual bank there would be no equity value realizable by the depositors of the mutual bank.  The commissioner shall prescribe from time to time such rules and regulations as may be necessary or proper in carrying out this section.
MA Gen L ch 167i § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 10 - Conversion of Credit Union to Mutual Bank

Section 10. A credit union may convert to a mutual bank pursuant to section 80A of chapter 171. A federally-chartered credit union may convert to a mutual bank pursuant to the Federal Credit Union Act subject to the approval of the commissioner under such conditions as may be imposed by the commissioner and subsection (m) of section 80A of chapter 171.
MA Gen L ch 167i § 11 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 11 - Consolidation, Merger or Conversion of Mutual Bank or Stock Bank Into Federally-Chartered Bank or Thrift Institution

Section 11. A mutual bank or stock bank, by vote of at least 2/3 of its voting body, at a meeting duly called for the purpose, preceded by a notice in writing sent to each member of the voting body and to the commissioner by mail at least 60 days before said meeting, may consolidate or merge into or convert into a federally-chartered bank or thrift institution in accordance with the laws of the United States and without the approval of any authority of the commonwealth.
MA Gen L ch 167i § 12 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 12 - Conversion of Federally-Charted Bank or Thrift Institution Into Bank Chartered Pursuant to Chapter 168, 170 or 172

Section 12. By any votes required under federal law and the filing of such documents as the commissioner shall prescribe and under such terms and conditions as the commissioner may impose, a federally-chartered bank or thrift institution, upon approval by the commissioner, shall be converted into a bank chartered pursuant to chapter 168, 170 or 172, and shall not, in connection with or upon such conversion, be subject to the requirements of the General Laws with respect to the organization and commencement of business of such a bank; provided, however, that such conversion shall comply with the laws of the United States.
MA Gen L ch 167i § 15 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 15 - Dissolution and Liquidation of Bank

Section 15. Subject to the written approval of the commissioner, a bank may be dissolved and liquidate its affairs if authorized by a vote passed, at a meeting specially called to consider the subject, by at least 2/3 of the voting body of the bank. A committee of 3 members shall thereupon be elected, and, under such regulations as may be prescribed by the commissioner, shall liquidate the assets and after satisfying all debts of the bank shall distribute the remaining proceeds among those entitled thereto in proportion to their respective interests therein.  For the purposes of this section, ''members'' shall mean trustees in a savings bank in mutual form; shareholders in a co-operative bank in mutual form and stockholders in a bank in stock form.
MA Gen L ch 167i § 18 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167i - Corporate Bank Transactions: Mergers, Consolidations, Purchase of Assets and Conversions|Section 18 - Interim Banks

Section 18. Notwithstanding any general or special law to the contrary, the commissioner may, subject to such terms and conditions as the commissioner may impose, grant a certificate to establish an interim bank, which may be a savings bank, co-operative bank or a trust company, owned by a bank holding company or a banking institution, as defined in section 1 of chapter 167A, or a mutual holding company, as defined in section 1 of chapter 167H, for the sole purpose of facilitating a multi-step corporate transaction involving a bank, as defined in section 1 of chapter 167; provided, however, that the interim bank under this chapter, chapter 167A, 167H, 167I or any other chapter shall not receive deposits or otherwise carry on a banking business under the laws of the commonwealth.
MA Gen L ch 167j § 1 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 1 - Definitions

Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—  ''Bank'', an association or corporation chartered by the commonwealth under chapter 167H, 168, 170 or 172.  ''Board'', the board of trustees or directors in a bank.  ''Capital stock'', the sum of the par value of the preferred and common shares of capital stock of a stock corporation, issued and outstanding.  ''Commissioner'', the commissioner of banks.  ''Mutual bank'', an association or corporation chartered by the commonwealth under chapter 168 or 170 which is in mutual form.  ''Stock corporation'', a savings bank under chapter 168, a co-operative bank under chapter 170, which has been chartered, converted or reorganized to a stockholder form of corporation or a trust company under chapter 172.  ''Surplus account'', an account so designated on the books of a bank and consisting of amounts required by law.
MA Gen L ch 167j § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 2 - Bond of Officers and Employees of Bank

Section 2. Officers and employees of a bank shall be bonded to the extent and in the form determined by the board.
MA Gen L ch 167j § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 3 - Duties of Treasurer of Bank Under Other Provisions of Law

Section 3. 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 functions usually performed by the treasurer, such officer shall also be responsible for the performance of all acts and duties required of such corporation by chapters 167, 167A to 167J, inclusive, 168, 170, 172 and other laws as such provisions are applicable to such officer or to such bank except in so far as such performance has been expressly imposed on some other officer or employee of such bank by its regulations or by-laws or by provision of law.
MA Gen L ch 167j § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 4 - Misconduct of Officer, Director, Agent or Employee of Bank

Section 4. Any officer, trustee, director, agent or employee of any bank, who knowingly and willfully does any act forbidden to the individual or to such bank by chapters 167, 167A to 167J, inclusive, 168, 170, 172, and other laws as such provisions are applicable to such officer or to such bank, or who knowingly and willfully aids or abets the doing of any act so forbidden to such bank or to any other officer, director, agent or employee thereof, or who knowingly and willfully fails to do any act required of the individual by any such provision, or who knowingly and willfully fails to do any act which is required of such bank by any such provision the performance of which is imposed on the individual by the by-laws or regulations of the bank or by law or the responsibility for the non-performance of which is placed upon the individual by law shall, if no other penalty against the individual is specifically provided as a result of the individual's capacity, be punished by a fine of not more than $1,000 or by imprisonment for not more than 1 year, or both.
MA Gen L ch 167j § 5 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 5 - Fee, Commission, Gift or Other Consideration in Connection With Business of Corporation

Section 5. No officer, director, trustee, employee or attorney of such corporation shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift or other consideration for or in connection with any business of such corporation. This section shall not prohibit any such officer, director, trustee, employee or attorney from receiving interest on a deposit made by such person or the usual salary or fee as such director or trustee or a reasonable fee for services rendered to such corporation or from borrowing from such corporation in accordance with law, or from sharing in commissions, profits or other benefits derived by any firm, association or corporation, in which the person is interested, arising out of any transaction with said corporation if such transaction is made in the regular course of business upon terms as favorable to the corporation as those offered to other persons. The commissioner may require a full disclosure to be made on such forms as may be prescribed by regulations or otherwise by the commissioner, of all commissions, profits or other benefits realized in any such transaction.
MA Gen L ch 167j § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 6 - Penalty for Violations of Secs. 5 or 10

Section 6. Whoever violates section 5 or section 10 shall be punished by a fine of not more than $5,000 or by imprisonment for not more than 1 year, or both such fine and imprisonment.
MA Gen L ch 167j § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 7 - Payment of Interest on Deposit Accounts

Section 7. A bank may pay interest on deposit accounts in accordance with applicable law. Rates of interest may vary based on the type of account or on the terms and conditions applicable to the account. Such corporation by its by-laws, may provide that fractional parts of a dollar shall not be included in principal in computing interest and may provide that interest shall not be paid on deposits of less than $10.
MA Gen L ch 167j § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 167j - Corporate Governance Provisions and Requirements|Section 8 - Trustee, Director or Other Officer of Bank Simultaneously Serving in Same Capacity for Certain Other Institutions

Section 8. A trustee, a director or other officer of bank may at the same time be a director, trustee or other officer of a savings bank, co-operative bank or credit union, state or federally chartered savings and loan association, trust company or national banking association if, in such case, there is in force a permit therefor issued by the commissioner in writing with the reasons thereon stating why the public interest warrants its issuance, after reasonable notice and an opportunity to be heard, who may issue such permit if, in the commissioner's judgment, it is not incompatible with the public interest, and to revoke any such permit whenever the commissioner finds, after reasonable notice and opportunity to be heard, that the public interest warrants its revocation, except that this section shall not apply to any director or other officer who held such position at the incorporation of said trust company. Any person serving as a director, trustee or other officer of a bank that does not make real estate mortgage loans and does not accept savings deposits from natural persons, may at the same time serve as a director, corporator, trustee or other officer of a savings bank, co-operative bank, trust company, state or federally chartered savings and loan association, or national banking association.  Notwithstanding this section, a director, officer or employee of a bank may at the same time be a director, officer or employee of a banking institution if such bank and banking institution are affiliates of the same bank or mutual holding company. For the purposes of this section, the terms ''banking institution'' and ''affiliate'' shall have the same meanings as set forth in section 1 of chapter 167A.