reglab/statecodes huggingface dataset:
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 9 - Destruction or Disposal of Records, etc.; Payment of Proceeds

Section 9. Returns to the commissioner under section twenty-two A of chapter one hundred and seventy-two, records of examinations of banks made under section two of this chapter, certificates or other form of acknowledgment filed with the commissioner under section three of this chapter, reports made under section twenty-six of chapter one hundred and sixty-eight, and reports made under section eighteen of chapter one hundred and seventy, may, after six years from the date of their receipt, be destroyed or disposed of by order of their lawful custodian with the approval of the commissioner, and any proceeds received in the course of their disposal shall be paid to the commonwealth; provided, however, that if the commissioner shall have received actual notice, in writing, of any pending judicial proceeding in which such returns, records, certificates or other form of acknowledgment or reports are to be offered as evidence thereat, such returns, records, certificates, or other form of acknowledgment or reports shall not be destroyed or disposed of until after the final determination of such judicial proceeding.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 10 - Reports of Fraud, Embezzlement or Misconduct by Bank Officers or Employees

Section 10. Any violation of sections fifty-two to fifty-three A, inclusive, of chapter two hundred and sixty-six shall be reported, in writing, within a reasonable time after discovery, to the commissioner and to the district attorney of the district in which the bank does business, by the president and treasurer of the bank in, or with respect to which, such violation occurs or, in the absence of either of said officers, by the officer performing the duties of such office.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 11 - Shortages in Funds; Reports; Fine

Section 11. Any shortage of five thousand dollars or more in a bank shall, within forty-eight hours of discovery thereof by an officer of the bank in or with respect to which such shortage occurs, be reported in writing to the commissioner by the president and treasurer of the bank in which the shortage occurs, or in the absence of either of said officers by the officer performing the duties of such office.
Any person who wilfully violates the provisions of this section or section ten shall be guilty of a misdemeanor and shall be punished by a fine of not less than two hundred or more than one thousand dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 12a - Criminal Charges Against Bank Officers; Suspension or Removal From Office

Section 12A. Whenever any officer of a bank, including a director or trustee, or other person participating in the conduct of the affairs of such bank, is charged in any information, indictment or complaint with the commission or participation in a crime involving a breach of trust which is punishable by imprisonment for a term exceeding one year under state or federal law, the commissioner may, if in his opinion continued service or participation by the individual may pose a threat to the interests of the bank's depositors or may threaten to impair public confidence in the bank, by written notice served upon such individual, suspend him from office or prohibit him from further participation in any manner in the conduct of the affairs of the bank. A copy of such notice shall be served upon the bank. Such suspension or prohibition shall remain in effect until such information, indictment or complaint is finally disposed of or until terminated by the commissioner. In the event that a judgment of conviction with respect to such crime is entered against such officer or other person, and at such time as such judgment is not subject to further appellate review, the commissioner may, if he deems that continued service or participation by the individual may pose a threat to the interest of the bank's depositors or may threaten to impair public confidence in the bank, issue and serve upon such officer or other person, an order removing him from office or prohibiting him from further participation in any manner in the conduct of the affairs of the bank without the consent of the commissioner. A copy of such order shall also be served upon such bank whereupon such officer shall cease to be an officer of such bank. A finding of not guilty or other disposition of the charge shall not preclude the commissioner from thereafter instituting proceedings to remove such officer or other person from office or to prohibit further participation in bank affairs, pursuant to section twelve.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 13 - Annual Reports

Section 13. All annual reports submitted to the commissioner by banks shall be on a form which he shall prescribe. Each report shall contain a declaration signed by the president, or by an officer designated by the board of directors or trustees of the bank to make the declaration, that the report is true and correct to the best of his knowledge and belief. The correctness of the report shall be attested by the signatures of at least 3 directors or trustees of the bank, other than the officer making the declaration, with the declaration that the report has been examined by them and to the best of their knowledge and belief is true and correct.
Annually, on or before July 1, the commissioner shall make a report to the general court containing aggregate statements of the condition, as of the preceding December, of all savings banks, co-operative banks, savings and loan associations, credit unions, trust companies, and, private, foreign, or other banks under his supervision, with other information relative to the affairs of the banks as the commissioner considers to be in the public interest.
The reports required by this section shall be printed and shall include the locations of the main offices and branches, the names of the operating officers and directors or trustees of each bank, and such suggestions as the commissioner considers expedient relative to the general conduct and condition of banks under his supervision. Such report shall include a list of banks where the call provided for in section 38 of this chapter and in section 4 of chapter 167A exceeds the amount loaned to the Massachusetts Housing Partnership Fund pursuant thereto.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 14a - Mortgage Review Boards; Members; Terms; Appointment; Meetings; Rules and Regulations

Section 14A. There shall be four regional mortgage review boards operating in the commonwealth. There shall be a Boston metropolitan area mortgage review board which shall include the counties of Suffolk, Essex, Middlesex and Norfolk; a southeastern mortgage review board which shall include the counties of Bristol, Plymouth, Barnstable, Dukes County and Nantucket; a central Massachusetts mortgage review board which shall include Worcester county; and a western Massachusetts mortgage review board which shall include the counties of Franklin, Hampden, Hampshire and Berkshire. Each such board shall consist of seven members appointed by the commissioner, three of whom shall be mortgagees, three of whom shall be community representatives and one of whom shall be a member of the public; provided, however, that at least five of the members of each such board shall either live or work within the respective region. The commissioner shall provide proper minority and geographical representation in the membership of each board.
Upon the expiration of the term of any member of a regional board, a successor shall be appointed, in like manner, for a term of three years. In the event of a vacancy, the commissioner may, in like manner, appoint a member who shall serve for the remainder of the unexpired term. Members of each such board shall serve without compensation, and shall be sworn to the faithful performance of their duties. Each regional board shall suggest for consideration by the commissioner one or more names for each such expiring term or vacancy. No member shall be appointed for more than two consecutive three year terms.
The mortgage review boards shall meet on a regular basis to review each residential mortgage denial that an applicant believes was denied on the basis of the location of the property. Any applicant whose residential mortgage loan application is denied by any mortgagee making five or more mortgage loans in any calendar year on residential property located in the commonwealth of four units or less and occupied in whole or in part by the mortgagor shall be instructed by the mortgagee, in writing, at the time of denial of his right to appeal any such denial to the appropriate mortgage review board.
Said board shall review each such submitted mortgage application, make its determination and advise the applicant thereof, in writing, within forty-five days of such appeal of a mortgage loan application denial and if such board fails to complete said action within said forty-five days, the applicant will be considered to have exhausted his administrative remedies. The decision of the board shall be subject to review in the manner provided in chapter thirty A, or in accordance with the provisions of section sixty-four of chapter one hundred and eighty-three.
The commissioner may promulgate rules and regulations governing the establishment, operation and procedures of said mortgage review boards.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15 - Annual List to Investment Committee of Banks Meeting Local Community Needs

Section 15. The commissioner of banks shall annually prepare and submit a list to the investment committee established under the provisions of section twenty-three of chapter thirty-two and the state treasurer which indicates those banks, as defined in section one, which have satisfied their continuing and affirmative obligations to help meet the needs of the local communities in which they are chartered, including low and moderate-income neighborhoods, as set forth in section fourteen.
Only mortgage lenders so listed shall be eligible to sell or participate in the sale of mortgage pass-through securities or mortgage-backed bonds to public employee retirement systems. Only banks so listed shall be eligible to receive deposits under the provisions of section thirty-four or thirty-four A of chapter twenty-nine.
The commissioner of banks shall also prepare and submit annually to said investment committee and the state treasurer a list, based on information received from the appropriate federal agency, which indicates those federal savings and loan associations and national banking associations which have been determined by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the Office of the Comptroller of the Currency to have complied with the requirements of the Federal Community Reinvestment Act, sections 802 et seq., of Title VIII of P.L. 95–128, and regulations promulgated thereunder. Only those associations so listed shall be eligible to sell such securities or bonds to such systems, and to receive deposits under the provisions of section thirty-four or thirty-four A of chapter twenty-nine.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15d - Classes of Bonds, Notes or Other Interest-Bearing Municipal Obligations in Which Entity May Invest

Section 15D. An entity authorized to invest pursuant to section 15A or the legal list may invest in bond, notes or other interest-bearing obligations of the following classes:
(i) legally issued or assumed bonds, notes or other interest-bearing obligations of a county, city, town or legally established district of the commonwealth; and
(ii) legally issued or assumed bonds, notes or other interest-bearing obligations of a county, city, town or legally established district outside of the commonwealth; provided, however, that this clause shall not authorize investments in obligations of any city or town outside of the commonwealth which have been in default for more than 120 days in the payment of any part of principal and interest of all bonds, notes or other interest-bearing obligations legal for investment under this section.
The full faith and credit of the county, city, town or district shall be pledged for the full payment of principal and interest of all bonds, notes or other interest bearing obligations legal for investment under this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15e - Investment in Bonds, Notes or Other Interest-Bearing Obligations of Railroad Corporations

Section 15E. (a) An entity that may invest pursuant to section 15A or the legal list may invest in bonds, notes or other interest-bearing obligations of railroad corporations subject to the conditions, limitations and requirements of this section.
(b) With respect to bonds, the obligations shall be those of a railroad incorporated in the United States or any state doing business principally within the United States and shall contain an unconditional promise to pay the interest on the bonds regularly and to pay the principal at a specified date. This promise may be modified, if at all, only by a vote of holders of at least 75 per cent in amount of the bonds.
Not more than 20 per cent of the assets of the entity shall be invested in the railroad obligations.
(c) Investments in railroad equipment obligations shall be those of, or guaranteed by, a railroad incorporated in the United States or any state and which is doing business principally within the United States.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15f - Investment in Bonds of Company Engaged in the Business of Furnishing Telephone Service

Section 15F. (a) As used in sections 15F and 15G, ''bond'' shall include a note or debenture.
(b) An entity that may invest pursuant to section 15A or the legal list may invest in the bonds of any company which at the time of the investment is incorporated under the laws of the United States or any state and may engage and is engaging in the business of furnishing telephone service in the United States, subject to the following: (i) the bonds shall be part of an original issue of not less than $25,000,000 in principal amount when the company is not incorporated in the commonwealth; and (ii) not more than 20 per cent of the assets of the entity shall be invested in the bonds of telephone companies.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15g - Investment in Bonds, Notes or Other Interest-Bearing Obligations of Gas, Electric Light or Water Company or Bonds of Company Supplying Electrical Energy or Artificial Gas or Natural Gas Purchased From Another Company

Section 15G. (a) An entity that may invest pursuant to section 15A or the legal list may invest in bonds, notes or other interest-bearing obligations of a gas, electric light or water company incorporated or doing business in the commonwealth and subject to the control and supervision of the commonwealth.
(b) An entity that may invest pursuant to section 15A or the legal list may invest in the bonds of any company which at the time of the investment is incorporated under the laws of the United States or any state and transacting the business of supplying electrical energy or artificial gas or natural gas purchased from another company and supplied in substitution for or in mixture with artificial gas for light, heat, power and other purposes or transacting any or all of the business. The bonds shall be part of an original issue of not less than $25,000,000 in principal amount.
(c) Not more than 25 per cent of the assets of the entity shall be invested in obligations under this section and no more than 4 per cent shall be invested in the obligations of any 1 company.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15i - Purchase of Stock of Savings or Co-Operative Bank, Federal Savings and Loan Association or Federal Saving Bank

Section 15I. Subject to applicable banking laws, an entity that may invest pursuant to section 15A or the legal list may purchase the whole or any part of the stock of a savings bank, co-operative bank, federal savings and loan association or federal savings bank; provided, however, that the bank or association shall be well capitalized under bank regulatory criteria.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15j - Investment in Capital Stock of Insurance Company Conducting Fire and Casualty Insurance Business

Section 15J. An entity that may invest pursuant to section 15A or the legal list may invest in the capital stock of any insurance company that may conduct a fire and casualty insurance business; provided, however, that no insurance stock shall be purchased if the cost of the insurance stock added to the cost of insurance stocks and bank stocks already owned shall exceed 662/3 per cent of the total of the assets of the entity.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 15k - Classes of Securities in Which Entity May Invest

Section 15K. An entity that may invest pursuant to section 15A or the legal list may invest in securities of any of the following classes: debentures, convertible debentures, notes or other evidences of indebtedness of: (i) a banking corporation in the common stock of which the corporation may invest pursuant to paragraph 1 of section 15H; provided, however, that the entity that may invest pursuant to said section 15A or the legal list shall be well capitalized under regulatory criteria; or (ii) a banking corporation in the common stock of which the corporation may invest pursuant to paragraph 2 of said section 15H shall be well capitalized under regulatory criteria.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 18 - Appraisal of Real Estate in Case of Excessive Loan

Section 18. Whenever in the opinion of the commissioner an excessive loan has been made, or is about to be made, upon real estate, by a bank, said commissioner may cause an appraisal of such real estate to be made at the expense of the bank making the loan. One appraiser shall be named by the commissioner, one by the bank, and a third by the two thus named. The appraisers shall determine the value of the real estate and certify the same, in writing, to the commissioner and to the bank. If it appears from the appraisal that the loan is excessive, the commissioner may make such order in relation thereto as he deems advisable.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 19 - Losses of Bank Exceeding Surplus and Other Reserve Accounts

Section 19. Whenever it has been determined by the commissioner, after investigation, that the losses of any such bank resulting from a depreciation in the value of its assets or otherwise, exceed its surplus and any other reserve accounts, so that the estimated value of its assets is less than the total amount due to shareholders and holders of accounts referred to in chapter one hundred and sixty-seven D, he may require, by order, a suspension of dividend and interest distributions or a reduction of its liability to such shareholders and account holders in such manner as to distribute the loss equitably among them. If, after such an order of reduction, the bank realizes from such assets an amount in excess of the value so estimated, such amount shall be divided among the then remaining shareholders and account holders whose balances were so reduced, to the extent of such reduction only, and any balance of said excess remaining shall be transferred to the surplus account.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 21a - Assent to and Participation in Bank Reorganization by Government Officers

Section 21A. Any officer of the commonwealth or of any political subdivision thereof, or of any public or quasi-public body or corporation, receiving public or quasi-public moneys, including trust and sinking funds, who lawfully and in good faith and in the exercise of due care has deposited any of such moneys to the credit of any political subdivision of the commonwealth, or of any department, board, commission or other activity of the commonwealth or of any political subdivision thereof, or of any such body or corporation in a bank as defined in section one or in a national banking association doing business within the commonwealth, may, subject to the approval hereinafter required, on behalf of the commonwealth or political subdivision thereof or of the public or quasi-public body or corporation, on behalf of which such moneys were deposited, and without thereby incurring any personal liability for the loss of any such moneys by reason of any reorganization hereinafter referred to, assent to and participate in a plan of reorganization of such bank or national banking association, if such plan shall have previously been approved by the commissioner or by the comptroller of the currency, and may enter into all necessary agreements in connection therewith. The state treasurer, subject to the approval hereinafter required, may act under authority of this section as to any public moneys deposited by himself or any other officer of the commonwealth to the credit of the commonwealth and not specifically to the credit of any department, board, commission or other activity thereof.
No action shall be taken under authority of this section unless and until approved, in case of action of the state treasurer or any other officer of the commonwealth, by the governor and council; in case of action of any officer of a county, city or town, by the county commissioners, mayor and city council or board of selectmen; in case of action of any officer of a district, by the prudential committee thereof, or other officer or board exercising similar powers therein; and in case of action of any officer of a public or quasi-public body or corporation, by its board of directors, or board of trustees or other officers or board thereof exercising similar powers.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 22 - Taking Possession of Property and Business of Bank by Commissioner

Section 22. Whenever it shall appear to the commissioner that any bank has violated its charter or any law of the commonwealth, or is conducting its business in an unsafe or unauthorized manner, or that its capital is impaired, or if it shall refuse to submit its books, papers and concerns to the inspection of the commissioner or his duly authorized agents, or if any officer of such bank shall refuse to be examined on oath by the commissioner or his duly authorized assistants touching its concerns, or if it shall suspend payment of its obligations, or if from an examination or from a report provided for by law the commissioner shall have reason to conclude that such bank is in an unsound or unsafe condition to transact the business for which it is organized, or that it is unsafe and inexpedient for it to continue business, the commissioner may take possession forthwith of the property and business of such bank and may retain possession thereof until the bank shall resume business or until its affairs shall finally be liquidated as herein provided.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 23 - Notice of Taking Possession of Bank by Commissioner

Section 23. Upon taking possession of the property and business of a bank, the commissioner shall forthwith give notice thereof to all banks, associations and individuals holding or having possession of any assets of such bank. No bank, association or individual, knowing that the commissioner has taken such possession or having been notified thereof as aforesaid, shall have a lien or charge for any payment, advance or clearance thereafter made, or liability thereafter incurred, against any of the assets of the bank of whose property and business the commissioner shall have taken possession as aforesaid. Such bank may, with the consent of the commissioner, resume business upon such conditions as said commissioner may approve; provided, however, that if, in said commissioner's judgment it is for the public interest so to do, said commissioner may retain, in behalf of the bank the control, prosecution or defense of any undetermined suits or claims brought on behalf of, or against, the bank under section twenty-five during the time when the bank was in said commissioner's charge, and the expense of prosecuting or defending such suits or claims shall be paid from the funds of such bank.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 25 - Prosecution and Defense of Suits and Other Legal Proceedings; Sales of Property

Section 25. To execute and perform the powers and duties conferred upon him, the commissioner may, in the name of any such bank, prosecute and defend all suits and other legal proceedings and may, in the name of the bank, execute, acknowledge and deliver all deeds, assignments, releases and other instruments necessary and proper to effectuate any sale of real or personal property or any compromise authorized by the court, and any deed or other instrument, executed pursuant to the authority hereby given, shall be valid and effectual for all purposes to the same extent as though executed by the officers of the bank by authority of its board of directors or of its stockholders, or by the individual banker personally. In case any of the real property so sold is located in a county other than that where the application to the court for leave to sell the same is made, the commissioner shall cause a certified copy of the order or decree of the court authorizing or ratifying such sale to be filed in the registry of deeds for the district wherein said real property lies.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 26 - Appointment of Agents to Assist in Liquidation and Distribution; Federal Agencies as Liquidating Agent; Subrogation Rights

Section 26. The commissioner may, under his hand and official seal, appoint agents to assist him in the duty of liquidation and distribution. The certificates of the appointment of such agents shall be filed in the office of the commissioner and certified copies thereof shall be filed in the office of the clerk of the supreme judicial court. Said commissioner may from time to time authorize such agents to perform such duties connected with said liquidation and distribution as he deems proper. Said commissioner may procure such expert assistance and advice as he considers necessary in the liquidation and distribution of the assets of such bank and he may retain such officers or employees of the bank as he deems necessary. Said commissioner shall require, from a special agent and from such assistants, such security for the faithful discharge of their duty as he deems proper.
Said commissioner may, under his hand and official seal, appoint a federal agency as the liquidating agent of a bank insured by the Federal Deposit Insurance Corporation. Upon its acceptance of the appointment, the agency as liquidating agent shall acquire both legal and equitable title to all of the assets, rights or claims and to all of the real or personal property of the closed bank. The agency as liquidating agent shall have the power to perform all acts and duties of said commissioner in the liquidation of the closed bank. Said commissioner shall petition the supreme judicial court for an order confirming the appointment of the agency as liquidating agent of such bank.
Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed bank, it shall become subrogated to all of the rights of the owners of the deposits against the closed bank, whether or not it has become receiver thereof, in the same manner and to the same extent as it would be subrogated in the closing of a national banking association as provided in 12 USC 1811 et seq. For the purposes of this section and section 26A, a federal agency shall mean the Federal Deposit Insurance Corporation, any successor to such corporation, or any other agency or instrumentality of the United States.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 26a - Assistance of Federal Agency as Liquidating Agent; Notice Requirements

Section 26A. Whenever a federal agency, as defined in section 26, is named as liquidating agent of a banking institution as defined in section 1 of chapter 167A, the board of Bank Incorporation or the commissioner of banks, in order to assist such agency, may exercise its authority under said chapter 167A, chapter 168, chapter 170, and chapter 172 without regard to notice of hearing requirements to effect a resolution.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 26b - National Credit Union Administration Board as Liquidating Agent of Credit Unions; Subrogation Rights

Section 26B. The commissioner may, under his hand and official seal, appoint the National Credit Union Administration Board as the liquidating agent of a credit union insured by said National Credit Union Administration Board. Upon its acceptance of the appointment, said board as liquidating agent shall acquire both legal and equitable title to all of the assets, rights or claims and to all of the real or personal property of such closed credit union. Said board shall have the power to perform all acts and duties of the commissioner in the liquidation of such closed credit union. Further, said board may also as liquidating agent aid in the liquidation of a credit union insured by it in the same manner and to the same extent as the Massachusetts Credit Union Share Insurance Corporation may aid in the liquidation of a credit union insured by that corporation, as provided in chapter 171.
Whenever the National Credit Union Administration Board pays or makes payment of the insured share and deposit liabilities of a closed credit union, it shall become subrogated to all of the rights of the member and owner of the shares and deposits against the closed credit union, whether or not it becomes receiver thereof in the same manner and to the same extent as it would be subrogated in the closing of a federal credit union as provided in 12 U.S.C. section 1781.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 28 - Notice to Claimants; Claims Presented

Section 28. The commissioner shall publish weekly for three consecutive months, in such newspapers as he directs, a notice calling on all persons who may have claims against such bank to present the same to the commissioner and to make legal proof thereof at a place and in a time, not earlier than the last day of publication, to be therein specified. The commissioner shall mail a similar notice to all persons whose names appear as creditors upon the books of the bank, so far as their addresses are known. If the commissioner doubts the justice and validity of any claim, he may reject the same and serve notice of such rejection upon the claimant either personally or by mail. An affidavit of service of such notice, which shall be prima facie evidence thereof, shall be filed with the commissioner. An action upon the claim so rejected shall not be entertained unless brought within six months after such service. Claims presented after the expiration of the time specified in the notice to creditors shall be entitled to share in the distribution only to the extent of the assets in the hands of the commissioner equitably applicable thereto.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 29 - List of Claims Presented

Section 29. Upon the expiration of the time fixed for the presentation of claims, the commissioner shall make, in duplicate, a full and complete list of the claims presented, including and specifying such claims as have been rejected by him. One of said lists shall be filed in his office and the other in the office of the clerk of the supreme judicial court. Thereafter the commissioner shall make and file in said offices, at least fifteen days prior to every application to the court for leave to declare a dividend, a supplementary list of the claims presented since the last preceding list was filed, including and specifying such claims as have been rejected by him, and, he shall make and file said list at least once in every six months after the filing of the original list, so long as he remains in possession of the property and business of the bank. Said inventory and lists shall be open to inspection at all reasonable times.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 30 - Fees and Expenses

Section 30. The compensation of the special agents, counsel, employees and assistants, and all expenses of supervision and liquidation, shall be fixed by the commissioner, subject to the approval of the supreme judicial court, on notice to such bank, and, upon the certificate of the commissioner, shall be paid out of the funds of the bank in his hands.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 31 - Dividends; Objections to Claims

Section 31. At any time after the expiration of the date fixed for the presentation of claims, the supreme judicial court, on application of the commissioner, depositor, creditor, stockholder or any party in interest, may authorize or direct the commissioner to declare out of the funds remaining in his hands, after the payment of expenses, one or more dividends, and, after the expiration of one year from the first publication of notice to creditors, or earlier, if the supreme judicial court so orders, the commissioner may declare a final dividend, such dividends to be paid to such persons, in such amounts, and upon such notice as may be directed by the supreme judicial court or as may be directed by a justice of said court. Objections to any claim not rejected by the commissioner may be made by any person interested by filing a copy of the objections with the commissioner who shall present the same to the supreme judicial court at the time of the next application for leave to declare a dividend. The court to which such application is made shall thereupon dispose of said objections, or may refer them to a master, and, should the objections to any claim be sustained by the court or by the master, no dividend thereon shall be paid by the commissioner until the claimant shall have established his claim by the judgment of a court of competent jurisdiction. The court may make proper provision for unproved or unclaimed deposits.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 31a - Dividend Payments to Minors; Disposition of Accounts of Decedents

Section 31A. In the case of a deposit standing in the name of a minor having no known guardian, the commissioner, in his discretion if the amount of the deposit does not exceed five hundred dollars, or with the approval of the supreme judicial court, whether or not the amount of the deposit exceeds five hundred dollars, may make any dividend payment, payable under section thirty-one on account of such deposit, to such minor or either of his parents, and such payment shall be a valid discharge to the same extent as if made to the legal representative of such minor. In the case of a deposit standing in the name of a decedent after whose death sixty days have elapsed, if no petition for the allowance of his will or for the administration of his estate has been filed, the commissioner, in his discretion if the amount of the deposit does not exceed five hundred dollars, may make any dividend payment, payable under said section thirty-one on account of such deposit, to the person or persons whom he finds entitled thereto, or the commissioner, with the approval of the supreme judicial court whether or not the amount of the deposit exceeds five hundred dollars, may make any dividend payment, payable under said section thirty-one on account of such deposit, to the person or persons whom the court finds entitled thereto, and in either case such payment shall be a valid discharge to the same extent as if made to the legal representative of the decedent.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 32 - Property Deposited With Bank; Disposition

Section 32. Should any bank, at the time when the commissioner takes possession thereof, have in its possession for safe keeping and storage, any jewelry, plate, money, securities, valuable papers or other valuable personal property, or should it have rented any box, safes, or safe deposit boxes, or any part thereof, for the storage of property of any kind, the commissioner may at any time after taking possession as aforesaid cause to be mailed to the person claiming or appearing upon the books of the bank to be the owner of such property, or to the person in whose name the safe, vault, or box stands, a written notice in a securely closed postpaid, registered letter, directed to such person at his post office address as recorded upon the books of the bank, notifying such person to remove, within a period fixed by said notice and not less than sixty days from the date thereof, all such personal property; and upon the date fixed by said notice, the contract, if any, between such persons and the bank for the storage of such property, or for the use of said safe, vault or box, shall cease and determine, and the amount of unearned rent or charges, if any, paid by such person shall become debt of the bank to such person. If the property be not removed within the time fixed by the notice, the commissioner may make such disposition of said property as the supreme judicial court, upon application thereto, may direct; and thereupon the commissioner may cause any safe, vault or box to be opened in his presence, or in the presence of one of his special agents and a notary public not an officer or employee of the bank, or of the commissioner, and the contents thereof, if any, to be sealed up by such notary public in a package upon which the notary public shall distinctly mark the name and address of the person in whose name such safe, vault or box stands upon the books of the bank, and shall attach thereto a list and description of the property therein. The package so sealed and addressed, together with the list and description, may be kept by the commissioner in one of the general safes for boxes of the bank until delivered to the person whose name it bears, or may otherwise be disposed of as directed by the court.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 33 - Bank Aggrieved by Action of Commissioner; Application for Injunction

Section 33. Whenever any bank of whose property and business the commissioner has taken possession deems itself aggrieved thereby, it may, at any time within ten days after such taking possession, apply to the supreme judicial court to enjoin further proceedings; said court, after citing the commissioner to show cause why further proceedings should not be enjoined, and after hearing the allegations and proofs of the parties and determining the facts, may, upon the merits, dismiss such application or may enjoin the commissioner from further proceedings and direct him to surrender the said business and property to the bank.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 35 - Unclaimed Dividends and Funds

Section 35. Unclaimed dividends and all other funds received from the liquidation of any institution, so taken possession of, and remaining in the possession of the commissioner after the expiration of twelve months from the order for final distribution, shall be paid by him to the state treasurer, to be held in trust, subject to the conditions hereinafter provided, for the several depositors with the creditors of such institution or other persons entitled thereto, according to their several interests. The commissioner shall state, annually, in his report to the general court the names of institutions so taken possession of and liquidated and the amounts of unclaimed dividends and other funds held by him with respect to every such institution. Upon certification by the commissioner that he has been furnished satisfactory evidence of their right to the same, the state treasurer shall pay over the money so held by him to the persons respectively entitled thereto. In cases of doubt or of conflicting claims, the commissioner may require an order from the supreme judicial court authorizing and directing payment, and any expenses incurred in connection therewith shall be deducted before payment from the amount payable. At the expiration of six years from the date of receipt by the state treasurer from the commissioner of any such unclaimed dividends or other funds, upon certification by the commissioner that no claim thereto has been proven to his satisfaction or is pending, the same or the balance thereof then remaining, together with the interest, if any, earned thereon, shall escheat to the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 35a - Destruction of Books, Records, Etc. Concerning Bank and Liquidation Thereof

Section 35A. After the expiration of six years from the order for final distribution, the commissioner may, with the approval of the supreme judicial court, cause to be destroyed any or all of the books, records, correspondence and other papers in his possession concerning any such bank and the liquidation thereof.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 35b - Reports on Banks in Possession of Commissioner

Section 35B. The commissioner shall, while any such bank is in his possession, issue, from time to time, at intervals of not more than six months, reports with respect to such bank containing a statement of its receipts and expenditures, and a general report as to the progress of its liquidation, including an estimate of the liquidating value of its remaining assets and liabilities appropriately classified. Said reports shall be available to the depositors and to the stockholders or shareholders, if any, of such bank.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 37a - Examination of Accounts, Books and Papers to Determine Violation of Sec. 37

Section 37A. The commissioner or his examiners may examine the accounts, books and papers of any corporation, person, partnership or association he or his examiners believe is violating the preceding section or who is making a business of receiving money on deposit, or which has the word ''bank'', ''banking'', ''banker'', ''bankers'', or ''trust'', or any word in a foreign language having the same or similar meaning, in the name under which its business is conducted, in order to ascertain whether such corporation, person, partnership or association has violated or is violating any provision of the preceding section; any corporations, person, partnership or association refusing to allow such examination or violating any provision of said section shall forfeit to the commonwealth one hundred dollars a day for every day or part thereof during which such refusal or violation continues. Any violation of this or the preceding section shall forthwith be reported by the commissioner to the attorney general. The said forfeiture may be recovered by any information or other appropriate proceeding brought in the supreme judicial or superior court in the name of the attorney general. Upon such information or other proceeding the court may issue an injunction restraining such corporation, person, partnership or association from further prosecution of its business within the commonwealth during the pendency of such proceeding or for all time, and may make such other orders or decrees as equity and justice may require.
Any corporation, person, partnership, or association found by the commissioner to be violating or to have violated this or section twelve shall bear the expenses of the examination made by the commissioner, including the actual cost thereof and such additional sum for the overhead expenses of the division of banks and loan agencies as the commissioner shall determine to be attributable to such examination to be recovered in an action of contract brought by the attorney general in behalf of the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167 - Supervision of Banks › Section 37b - Student Bank Programs

Section 37B. A bank, federal bank, federal credit union or a foreign bank, out-of-state bank and out-of-state federal bank with a branch office in the commonwealth may establish educational bank training programs, student savings deposit programs and school branch office programs. A bank or foreign bank or out-of-state bank with a branch office in the commonwealth shall conduct the program under terms and conditions as the commissioner determines. A federal bank, federal credit union or out-of-state federal bank with a branch office in the commonwealth shall conduct the program in compliance with applicable federal law and regulations.