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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167j - Corporate Governance Provisions and Requirements › Section 20 - Issue and Sale of Capital Notes and Debentures

Section 20. (a) A stock company may, subject to the approval of the commissioner and upon vote of the holders of at least 2/3 of each class of its capital stock at an annual meeting or a special meeting duly called for the purpose, preceded in either case by a notice in writing sent to each stockholder of record by registered mail at least 10 days before said meeting, issue and sell its capital notes or debentures of any maturity. The indebtedness evidenced by any such capital notes or debentures, including the principal thereof and premium, if any, and interest thereon, shall be subordinate to the claims of depositors and other creditors of such corporation, except claims in respect of other capital notes or debentures of such corporation at least equally subordinated, in accordance with such provisions for subordination as shall be approved by the commissioner and such subordination shall be specifically enforceable by any interested person, including the commissioner or any conservator appointed by the commissioner whenever possession of the property and business of such corporation shall have been taken by the commissioner or such conservator. Any such issue of capital notes or debentures may contain such other provisions as the commissioner may approve, including a provision for conversion rights. The commissioner may, by regulation, provide that any such capital notes or debentures shall to the extent set forth in such regulation be treated as part of the capital funds of the issuing stock corporation for the purposes of this chapter.
(b) Nothing in subsection (a) shall be construed as limiting the power of any such corporation to borrow money otherwise than through the issuance and sale of such capital notes or debentures; provided, that no such corporation shall engage in the business of issuing and selling to depositors, customers or others its unsecured promissory notes except in accordance with such regulations as the commissioner may adopt as to the conduct of such business or, in the absence of such regulations, with the prior approval of the commissioner. Any regulations adopted by the commissioner in accordance with this subsection may impose limitations on the aggregate amount of such promissory notes at any time outstanding, and the interest cost thereof, and may further require that reserves shall be maintained against the indebtedness evidenced thereby, all by classes of trust companies or otherwise.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167j - Corporate Governance Provisions and Requirements › Section 21 - Election of Alternative Corporate Governance Procedures; Designation in By-Laws of Body of Law Selected for Corporate Governance Procedure

Section 21. A bank's corporate governance procedures shall comply with banking laws and regulations and safe and sound banking practices. To the extent not inconsistent with the above, a bank may elect to follow the corporate governance procedures of chapter 156D or the law of the state in which its holding company is organized. A bank shall designate in its by-laws the body of law selected for its corporate governance procedures.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 1 - Definitions

Section 1. (a) As used in sections 1 to 9, inclusive, the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean, a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer.
(b) As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
''Capital stock'', the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.
''Commissioner'', the commissioner of banks.
''Corporator'', an original incorporator.
''Incorporators'', subscribers to the agreement of association for the purpose of forming a savings bank under this chapter.
''Mutual bank'', a savings bank, institution for savings or savings institution incorporated as such in the commonwealth in mutual form.
''Savings bank'', a savings bank, institution for savings or savings institution incorporated as such in this commonwealth.
''Stock bank'', a savings bank, institution for savings or savings institution incorporated as such in the commonwealth in stock form which has been chartered or reorganized or converted to a stockholder form of corporation.
''Stockholder'', a registered owner of shares of capital stock of a stock savings bank.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 3 - Application of This Chapter and Chapters 167c to 167g, 167i and 167j

Section 3. A corporation organized pursuant to this chapter prior to January 1, 1955 shall be subject to this chapter and chapters 167C to 167G, inclusive, chapter 167I and chapter 167J so far as is consistent with its charter, and may, by vote of its corporators at its annual meeting or at a meeting called for the purpose, accept any provision of this chapter, which is inconsistent with its charter. Any such corporation organized after January 1, 1955, shall be subject to this chapter, chapters 167C to 167G, inclusive, chapter 167I and chapter 167J.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 5 - Formation of Savings Bank; Powers, Privileges and Duties Related to Corporations; Agreement of Association

Section 5. Fifteen or more individuals who associate themselves by a written agreement for the purpose of forming a savings bank may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in the General Laws, which relate to such corporations. The agreement of association shall specifically state:
(1) that the incorporators thereto associate themselves with the intention of forming a corporation;
(2) the name by which the corporation shall be known;
(3) the location of the principal office of the corporation, which shall be within the commonwealth;
(4) the purposes for which the corporation is formed and the nature of the business to be transacted;
(5) the amount and classes of its capital stock and the number of shares into which any class is to be divided; the amount of the surplus account and the amount of the undivided profits account for a stock bank and the amount of the surplus account for a mutual bank; and
(6) the name of each incorporator and the number of shares of capital stock, if any, which the incorporator agrees to take and the class or classes of such shares.
The name of each incorporator shall be subscribed to the agreement of association.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 6 - Notice of Intention to Form Saving Bank; Application for Certificate

Section 6. A notice of the intention of the incorporators to form such a savings bank shall be submitted 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 3 successive weeks, in 1 or more newspapers designated by the board and published in the city or town in which it is proposed to establish the savings bank, 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. The incorporators to said agreement shall apply to the board for a certificate, which may be granted upon a finding that the public convenience and advantage will be promoted by the establishment of such savings bank. Such an application for a proposed savings bank shall be accompanied by an investigation fee, the amount of which shall be determined by the secretary of administration and finance pursuant to section 3B of chapter 7. In determining whether the public convenience and advantage will be promoted by the establishment of such savings bank, 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 do not become incorporated and begin business not more than 1 year after its date of issue; provided, however, that the board may grant an additional extension upon a demonstration of good cause; and provided further, that the board may impose terms and conditions on any such extension. If the board refuses to issue such certificate, no further proceeding shall be taken by the applicant during the year next following the date of such refusal except with the approval of the board; provided, however, that the applicant may renew the application as of right after 1 year from the date of such refusal and may dispense with further notice or publication unless the board orders such notice or publication.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 7 - First Meeting of Incorporators

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 purpose, or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. A copy of the notice shall, at least 7 days before the day appointed for the meeting, be given to each incorporator or left at each incorporator's residence or usual place of business, or deposited in the post office, postage prepaid, and addressed to each incorporator at such incorporator's residence or usual place of business and another copy thereof and an affidavit of 1 of the signers that the notice has been duly served shall be recorded with the records of the corporation. If all the incorporators shall, in writing endorsed upon the agreement of association, waive such notice and fix the time and place of the meeting, no notice shall be required. At such first meeting, or at any adjournment thereof, the incorporators shall organize by the choice by ballot of a temporary clerk who shall be sworn, by the adoption of by-laws and by the election in such manner as the by-laws may determine, a clerk or secretary, and such other officers as the by-laws may prescribe, trustees for a mutual bank or directors for a stock bank. The temporary clerk shall make and attest a record of the proceedings until the clerk or secretary has been chosen and sworn, including a record of such choice and qualification.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 9 - List of Stockholders; Issuance of Certificate Authorizing Corporation to Begin Transaction of Business

Section 9. When all the capital stock has been issued for a stock bank, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be verified by the clerk of the corporation. Upon receipt of such list the board shall cause an examination to be made of the method of payment of the capital stock, or the surplus account if a mutual bank of the personnel of the corporation, including the officers and directors or trustees thereof, and if, after such examination, it appears that the whole capital stock, surplus account and undivided profits account for a stock bank or surplus account for a mutual bank have been paid in cash, that all requirements of law have been complied with, that the bank is a member of the Federal Deposit Insurance Corporation and that the qualifications of the personnel are satisfactory, the board shall, if satisfied that the public convenience and advantage will be promoted thereby, issue a certificate authorizing such corporation to begin the transaction of business. No such corporation shall begin the transaction of business until such a certificate has been granted.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 11 - Place of Meetings of Corporators, Board of Trustees and Board of Investment of Mutual Bank

Section 11. Meetings of the corporators, board of trustees and board of investment of a mutual bank shall be held in the town where the main office of the corporation is located or at any other place within the counties in which the bank has a branch office.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 12 - Corporators of Mutual Bank

Section 12. A mutual bank shall have at least 25 corporators and may, at a legal meeting of the corporators, elect by ballot to be a corporator any person who is a resident of the commonwealth, or any person who resides in another state; provided, however, that not less than a majority of said corporators shall be citizens of the commonwealth and residents therein at any 1 time. Corporators shall be elected for a term of 10 years; provided, however, that a corporator shall not serve beyond the retirement age as established by the bank's by-laws. No person shall serve as a corporator of more than 1 savings bank and no corporator shall, after January 1, 1975, serve as an officer or director of a national bank, trust company, co-operative bank, savings and loan association or credit union. A corporator shall, at the time of the corporator's election or within 30 days thereafter, be a depositor of such corporation. Any person serving as a corporator of a savings bank may at the same time serve as a director or other officer of a trust company or a national bank that does not make real estate mortgage loans and does not accept savings deposits from natural persons.
No person shall continue to be a corporator after removing from the commonwealth unless, at the annual meeting following such removal, the corporators shall vote to continue such person as a corporator subject to the limitations of this section applicable to nonresident corporators.
Any person may, at an annual or special meeting of the corporators, cease to be a corporator if, at least 3 days before such meeting, the person has filed with the clerk a written notice of the corporator's intention so to do. If a corporator fails to attend 2 consecutive annual meetings, such corporator's membership may, by vote of the corporators at their next annual meeting, be declared forfeited and such action and vote when recorded shall be evidence of such forfeiture. Not more than 3/5 of the corporators of any such corporation shall be trustees or officers thereof at any 1 time.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 13 - Annual and Special Meetings of Corporators of Mutual Bank

Section 13. The annual meeting of the corporators of a mutual bank shall be held at a time as the by-laws direct. Special meetings may be held by order of the trustees or upon written request of at least 10 corporators addressed to the clerk who shall give notice of special meetings upon that order or request. In the absence or inability of the clerk to serve, the president or a vice president may give the notice required by this section. At least 7 days before the date of the meeting, written notice of the meeting shall be mailed to each corporator. The names of those present at a meeting shall be entered in the records of the corporation. A quorum shall consist of not less than 13 corporators or 25 per cent of the total number of corporators, whichever is greater; provided, however, that not more than 50 corporators shall be necessary to constitute a quorum.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 15 - Regular and Special Meetings of Board of Trustees of Mutual Bank

Section 15. A regular meeting of the board of trustees of a mutual bank shall be held at least once every 3 months, for the purposes set forth in this section and for the transaction of other business. Special meetings may be called by the president or shall be called by the clerk, if requested in writing by at least 3 trustees. Notices of meetings shall be given in the manner and to the extent provided in the by-laws. Unless the articles of incorporation, the by-laws or a resolution of the board otherwise provide, members of the board of trustees or any committee designated thereby may participate in a meeting of such board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting may simultaneously hear each other and participation by such means shall constitute presence in person at a meeting. Members may transmit any written authorizations that may be required during the meeting by electronic facsimile or other commercially acceptable transmission. A quorum shall consist of not less than a majority of the trustees, and if there be less than a quorum then a majority of those present may adjourn the meeting until the next regular meeting or until another time or times prior thereto.
A record shall be made by the clerk at each meeting of the transactions of the trustees and of the names of those present and a copy of the report of the board of investment shall be filed and preserved with the records of the corporation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 16 - Board of Investment of Mutual Bank

Section 16. (a) A mutual bank shall have a board of investment consisting of not less than 5 members, who shall be trustees of the corporation. Only 1 of the persons holding the office or performing the duties of president, executive vice president, senior vice president or treasurer shall at the same time be a member of the board of investment. The board shall elect a clerk who may, but need not be, a member of the board. The board of investment may invite 1 or more trustees who are not members of the board to attend its meetings during the monthly, quarterly or semi-annual periods as the board may determine.
(b) At least quarterly, the treasurer or other officer designated by the board of investment shall submit to the board of investment, a written report, over the treasurer or other officer's signature, covering the period for which the report has not yet been submitted.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 17 - Officers of Mutual Bank

Section 17. In addition to the trustees and members of the board of investment, the officers of a mutual bank shall be a president, 1 or more vice presidents, a treasurer, a clerk and, subject to applicable provisions of the by-laws, such other officers as from time to time may be determined by the trustees to be necessary for the management of the affairs of such corporation; provided, that the duties of any such other officer shall not be in conflict with those of the president or treasurer. As used in this section and in section 20 and sections 2 and 5 of chapter 167J, the term ''operating officers'' shall mean and include the president, vice presidents, any assistant vice presidents, the treasurer, any vice treasurer, assistant treasurers, any branch managers, any person performing the duties of auditor and such other officers as may be designated as operating officers by vote of the board of trustees.
The president shall be a trustee. A vice president may perform the duties of the president to the extent authorized in the by-laws. The treasurer may at the same time be a vice president. A vice treasurer or an assistant treasurer may perform all the duties of the treasurer. The clerk shall be the clerk of the corporation and clerk of the trustees.
An operating officer of the corporation shall not hold the office or perform the duties of president, vice president, cashier or treasurer of a national banking association or a trust company, and the operating officer shall be governed by section 8 of chapter 167J with respect to holding office in another savings bank or in a co-operative bank or federal savings and loan association.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 18 - Election of Officers, Members of Board of Trustees and Members of Board of Investment

Section 18. The clerk of a mutual bank and such members of the board of trustees as may be required to be elected under section 14 shall be elected at the annual meeting or at a special meeting of the corporators between meetings of the corporation. The president shall be elected by the trustees. If any such office becomes vacant during the year, the trustees may, except as otherwise provided in this chapter, fill the vacancy or approve a new officer until the next annual meeting.
The members of the board of investment, the treasurer, vice treasurer, assistant treasurers, vice presidents and such other officers as may be determined to be necessary, as provided in section 17, shall be elected by the trustees and shall hold office during their pleasure and the trustees may fill vacancies in such offices at any time.
All trustees and other officers shall be sworn and shall hold their several offices until others are elected and qualified in their stead. A record of such qualification shall be made and preserved with the records of such corporation. If a person elected as trustee or other officer of such corporation does not, within 45 days thereafter, take the oath of office, the office thereupon shall become vacant; provided, that such oath may be taken in person at any office of such corporation or may be taken in writing before a notary public or justice of the peace and transmitted to such corporation within said period.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 19 - Notice of Election to Person Not Present at Meeting at Which Such Person Was Elected; Filing of List of Names

Section 19. Each person elected to office at the annual meeting or at any other meeting of the corporators or trustees, who is not present at the meeting at which such person was elected shall be notified, in writing, of the election by the clerk of the corporation. The notice shall be sent within 10 days after the meeting to the last known address of that person. Within 60 days after the annual meeting, the clerk shall cause to be filed with the records of the corporation a list containing the following information: (1) the names of the corporators indicating those who are trustees; and (2) the names of the president, vice presidents, treasurer, members of the board of investment and members of the auditing committee. A copy of the list shall be furnished to the commissioner within 10 days after filing with the records of the corporation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 21a - Action Without Meeting

Section 21A. Subsection (a) to (d), inclusive, shall apply to meetings of the board and its committees for both a savings bank in mutual form or in stock form.
(a) Unless the articles of organization or by-laws provide that action, required or permitted by this chapter or another general law, shall be taken by the trustees or directors only at a meeting, the action may be taken without a meeting if the action is taken by the unanimous consent of the members of the board of trustees or directors. The action shall be evidenced by 1 or more consents describing the action taken, in writing, signed by each trustee or director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of trustees or directors and included in the minutes or filed with the corporate records reflecting the action taken.
(b) Action taken under this section is effective when the last trustee or director signs or delivers the consent, unless the consent specifies a different effective date.
(c) A consent signed or delivered under this section has the effect of a meeting vote and may be described as such in any document.
(d) This section shall also apply to committees and their members.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 22 - Stock Bank; Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum

Section 22. A stock bank may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. It may also establish regulations controlling the assignment and transfer of its shares. A majority in interest of the stockholders entitled to vote shall constitute a quorum at any meeting unless the by-laws require more than a majority.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 23 - Stockholder Voting; Votes by Proxy

Section 23. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid, and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of 2 or more persons shall be valid if executed by any 1 of them unless at or prior to the exercise of the proxy such corporation receives a specific written notice to the contrary from any 1 of them. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. Except as otherwise provided in the articles of organization or by-laws of the corporation, special meetings of the stockholders may be called pursuant to section 7.02 of chapter 156D.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 25 - Election of Officers

Section 25. 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 president shall be elected by and from the board of directors and shall be chairman thereof unless the board designates a director in lieu of the president to be chairman. The directors shall elect the treasurer and any other officers. The president as may be required or permitted by law or by-law may select other officers. The officers elected by the board shall hold their respective offices during the pleasure of the directors. The directors may fill a vacancy in the office of clerk or secretary until the next meeting of the stockholders.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 26 - Meetings of Board of Directors

Section 26. The board of directors shall meet at intervals, that shall not be less frequent than quarterly, but, upon application in writing by the corporation, the commissioner may waive or modify this requirement. Unless the articles of organization, the by-laws or a resolution of the board otherwise provide, members of the board of directors or a committee designated thereby may participate in a meeting of the board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting may simultaneously hear each other, and participation by those means shall constitute presence in person at a meeting. Members may transmit written authorizations that may be required during the meeting by electronic facsimile or other commercially acceptable transmission.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 28 - By-Laws of Savings Banks Employees Retirement Association

Section 28. The by-laws of the association shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the association may be conducted and the manner in which its funds may be invested and paid out. Such association shall be formed when its by-laws have been approved and agreed to by a majority of the trustees of each of 15 or more savings banks, and have been approved by the commissioner. Such association shall annually, on or before December 1, report to the commissioner such statements of its membership and financial transactions for the year ending on the preceding October 31, as the commissioner may consider necessary to show its business and standing. The commissioner may verify such statement by an examination of the books and papers of the association.
The association shall not be subject to chapter 32 or chapter 175 or to other laws that relate to insurance companies or other retirement associations.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 29 - Exemption of Savings Banks Employees Retirement Association Property and Funds From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights

Section 29. The property of the association, the portion of the wages or salary of any employee deducted or to be deducted under sections 27 and 28, the right of an employee to an annuity or pension, and all of an employee's rights in the funds of the association, shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the association, a participating bank, or any employee member of the association. No assignment of any right in or to said funds or of any pension or annuity payable under section 27 shall be valid, except that deferred annuity contracts purchased by a participating bank on account of past service of eligible employees may be assigned to such bank prior to actual retirement.
Nothing in this section shall prevent an employee's annuity or pension from being attached, taken on execution, assigned, or subject to other process to satisfy a support order pursuant to chapter 208, 209 or 273.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 31 - By-Laws of Savings Banks Employees Benefit Association

Section 31. The trustees of the Savings Banks Employees Retirement Association shall prepare the by-laws of the benefit association and file the same with the commissioner. Said by-laws shall prescribe the manner in which, and the officers and agents by whom, the benefit association will be conducted and the manner in which its funds may be invested and paid out. They shall also provide that said trustees of the Savings Banks Employees Retirement Association shall serve as the initial trustees of the benefit association and shall continue such service for the term prescribed in such by-laws and for the election of subsequent trustees. Such benefit association shall annually, within 6 months after the close of its fiscal year, report to the commissioner such statements of its membership and financial transactions as the commissioner may consider necessary to show its business and standing. The commissioner may verify such statement by an examination of the books and papers of the benefit association.
The benefit association shall not be subject to chapter 32 or chapter 175 or to other laws that relate to insurance companies or other benefit associations.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 168 - Savings Banks › Section 32 - Exemption of Savings Banks Employees Benefit Association Property From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights

Section 32. The property of the benefit association shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the benefit association, a participating bank or any employee member of the benefit association. No assignment of any right in or to said funds or of any pension or annuity payable under section 30 shall be valid, except that deferred annuity contracts purchased by a participating bank on account of past service of eligible employees may be assigned to such bank prior to actual retirement.
Nothing in this section shall prevent an employee's annuity or pension from being attached, taken on execution, assigned or subject to other process to satisfy a support order under chapter 208, 209, or 273.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 1 - Application of Chapter

Section 1. This chapter shall apply to all persons who engage or are financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries, except banks chartered by the commonwealth, banks chartered by the federal government or another state of the United States and authorized to do banking business in the commonwealth, persons doing business under sections thirty-eight to forty-three, inclusive, of chapter one hundred and sixty-seven, express companies having contracts with transportation companies for the operation of an express service upon the lines of such companies or express companies doing an international express business or global transportation companies or telegraph companies.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 2 - Bond; Amount; Condition

Section 2. Every person subject to section one, before engaging or becoming financially interested or continuing to engage or be financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries, shall make, execute and deliver to the state treasurer a bond in a sum equal to twice the average weekly amount of money or equivalents thereof transmitted to foreign countries by such person, as determined by the commissioner of banks, hereinafter called the commissioner, but in no event shall the sum of the bond be less than fifty thousand dollars; provided, however, that a person carrying on business at more than one location need post only one such bond which shall be in the sum of fifty thousand dollars or twice the average total weekly amount of money or equivalents thereof transmitted to foreign countries from all locations, whichever is greater; and, provided further, that the sum of such bond shall be increased on order of the commissioner at any time to such amount as shall be shown by examination to be necessary. Such bond shall be conditioned upon the faithful holding and transmission of any money or equivalents thereof which shall have been delivered to such person for transmission to a foreign country and, in the event of the insolvency or bankruptcy of the principal, upon the payment of the full amount of such bond to the assignee, receiver or trustee of the principal, as the case may require, for the benefit of such persons as shall have delivered money or equivalents thereof to said principal for the purpose of transmitting the same to a foreign country.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 4 - Bonds; Duty of State Treasurer to Keep Record; Public Inspection

Section 4. The state treasurer shall keep a record, which shall be open to public inspection, of such bonds filed with him with the names and places of business of the principals and the name of any surety company, and the name of the officer before whom the bond was executed or acknowledged and any money or securities deposited in lieu of an approved surety as provided in section three.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 7 - Commissioner; Rules and Regulations

Section 7. The commissioner may, from time to time, prescribe such rules and regulations as may be necessary to carry out the provisions of this chapter. Such rules and regulations may contain such classifications, differentiations or other provisions and may provide for such adjustments and exceptions for any class of transaction as in the judgment of the commissioner may be necessary to carry out the provisions of this chapter.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 8 - Money Received for Transmission; Receipts

Section 8. All money received for transmission to a foreign country by any licensee shall be forwarded to the person to whom the same is directed within seven days following receipt thereof. Receipts given for deposits of money received for transmission to a foreign country shall be on forms approved by the commissioner.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 9 - Licensees' Annual Report

Section 9. A licensee shall annually make a report to the commissioner, on or before a date to be determined by the commissioner, and at such other times as the commissioner may specify, in such form as the commissioner may prescribe, which form shall disclose the condition of the licensee as of the close of business on such day as the commissioner may prescribe.
A licensee who fails to make such annual report or fails to amend such report within fifteen days of notice from the commissioner to so amend such report shall, unless such failure is for good cause, pay to the commonwealth five dollars for each day which such neglect or failure continues.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 10 - Books and Accounts; Inspections

Section 10. A licensee shall keep such books, accounts and records as will enable the commissioner to determine whether such licensee is in compliance with the provisions of this chapter and rules and regulations made pursuant thereto and any other law, rule and regulation applicable to the conduct of such business. A licensee shall preserve such books, accounts and records for a period of at least three years. Preservation of such books, accounts and records by photographic reproduction thereof or record in photographic form shall constitute compliance with the requirements of this section. The books, accounts and records of every licensee shall be kept and audited in such manner and form as the commissioner may prescribe.
A licensee shall, when directed by the commissioner, permit the commissioner or his duly authorized representative to inspect its records and evidence of compliance with this chapter or any rule or regulation issued thereunder and with any other law, rule and regulation applicable to the conduct of its business. For the purposes of such inspection, the commissioner or his representative shall have access to the offices and place of business, books, accounts, papers, records and files of licensee. The commissioner and any person designated by him may require the attendance and testimony of all persons as he may deem necessary relative to the inspection of such business. The total cost for any such inspection, which shall be paid by the licensee within thirty days after the receipt of invoice therefor, shall be determined by the commissioner of administration under the provisions of section three B of chapter seven.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 11 - Investigation of Persons Other Than Licensees

Section 11. The commissioner, if he has reason to believe that a person other than a licensee has violated any of the provisions of this chapter, shall be authorized to make such investigations as he shall deem necessary and may examine such other person and shall compel the production of all relevant books, records, accounts and documents.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 12 - Revocation, Suspension or Surrender of Licenses

Section 12. The commissioner may suspend or revoke any license issued pursuant to this chapter if he finds that: (a) the licensee has violated any provision of this chapter or any rule or regulation adopted hereunder or any other law applicable to the conduct of such business; or (b) any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner to refuse to issue such license.
Except as provided in section thirteen, no license shall be revoked or suspended except after notice and hearing pursuant to chapter thirty A.
A licensee may surrender any license by delivering to the commissioner written notice thereof and such surrender shall not affect the civil or criminal liability of such licensee for acts committed before the effective date of such surrender. No revocation, suspension or surrender of any license shall impair or affect the obligation of any pre-existing contract between the licensee and any other person.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 13 - Cease and Desist Orders

Section 13. (a) If the commissioner determines, after notice and opportunity for a hearing, that a licensee has engaged in or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule, regulation or order pursuant hereto, said commissioner may order such licensee to cease and desist from such unlawful act or practice and take such affirmative steps as may be necessary to carry out the provisions of this chapter.
(b) If the commissioner makes written findings that the public interest will be irreparably harmed by delay in issuing an order under subsection (a), he may issue a temporary cease and desist order. Upon the entry of a temporary cease and desist order, the commissioner shall promptly notify the licensee affected thereby, in writing, that such order has been so entered, the reasons therefor, and that within twenty days after the receipt of a written request from such licensee, the matter will be scheduled for hearing to determine whether or not such temporary order shall become permanent and final. If no such hearing is requested and none is ordered by the commissioner, the order shall remain in effect until it is modified or vacated by the commissioner. If a hearing is requested or ordered, the commissioner, after giving notice and opportunity for a hearing to the licensee subject to said order, shall, by written finding of facts and conclusions of law, vacate or modify such order including making such order permanent.
(c) No order under this section, except a temporary order issued pursuant to subsection (b), shall be entered without prior notice and opportunity for a hearing. The commissioner may vacate or modify an order under this section upon finding that the conditions which required such an order have changed and that it is in the public interest to so vacate or modify such order.
An order issued pursuant to this section shall be subject to review as provided in chapter thirty A.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 14 - Restraint Orders; Receivers

Section 14. If, after examination, it appears that a licensee is insolvent or that its capital is impaired or that its condition is such as to render the continuance of its business hazardous to the public or to those having funds in its custody, the commissioner shall apply or, if a licensee appears to have exceeded his powers or failed to comply with any provision of law, the commissioner may apply to the supreme judicial court to restrain such licensee from further proceeding with its business and to make such further order or decree as the court deems necessary. The court may appoint one or more receivers to take possession of the property and effects of such licensee, subject to such directions as may from time to time be prescribed by the court.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169 - Receipts of Deposits for Transmittal to Foreign Countries › Section 16 - Penalties

Section 16. Whoever violates any provision of this chapter or any rule or regulation made hereunder by the commissioner shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 1 - Definitions

Section 1. For the purposes of this chapter, the following words shall have the following meanings unless the context clearly requires otherwise:—
''Casher of checks'', a person or entity engaged in cashing checks, drafts or money orders for a consideration in excess of one dollar per item.
''Commissioner'', the commissioner of banks.
''Licensee'', a casher of checks, licensed under the provisions of this chapter.
''Mobile unit'', a motor vehicle or other movable means from which the business of a licensee is to be conducted.
''Primary business'', the principal business of the licensee as determined by the commissioner, exclusive of any business conducted as an agent of the state lottery commission.