Section 1: Definitions
239 words·~1 min read·
/ma/part-i/title-xxii/chapter-167e/1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1. As used in this chapter, the following words, shall unless the context otherwise requires, have the following meanings:—
''Bank'', a savings bank, co-operative bank, or trust company subject to the supervision of the commissioner of banks.
''Capital'',
(1)the sum of the capital stock, surplus account and undivided profits of a savings bank or a co-operative bank which has converted to a stockholder form of corporation, a subsidiary banking institution of a mutual holding company as defined in chapter 167H or a trust company as defined in section 1 of chapter 172;
(2)the sum of the surplus account of a mutual form savings bank governed by chapter 168 or a mutual form co-operative bank governed by chapter 170. The commissioner, in his discretion, may further define or permit adjustments to the capital accounts of a bank necessary to effect the purposes of this chapter.
''Commissioner'', the commissioner of banks.
''Real estate'', land or property, without geographic limitation, including improved land with a dwelling, owner occupied or unoccupied dwellings, unimproved land, farmland, a unit of a condominium, shares of stock issued by a co-operative housing corporation, industrial and commercial property, leasehold interests created in air rights over land, and any other interest in land; but a loan secured by real estate shall include a loan on a leasehold under a lease which does not expire for at least 5 years beyond the maturity date of the loan.