Section 2: Powers
159 words·~1 min read·
/ma/part-i/title-xxii/chapter-167e/2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2. Every bank, subject to limitations imposed by this chapter or other General Laws, shall have the following powers and whatever further incidental or complementary powers that may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common customs and usages:
(1)to discount, buy, invest in, hold, assign, transfer, sell and negotiate promissory notes, drafts, bills of exchange, mortgages, trade acceptances, banker's acceptances, bonds, debentures, bonds or notes secured by mortgages, installment obligations, accounts receivable, balances due on conditional sales and other evidences of debt for its own account or for the account of customers;
(2)to advance money or credits on real estate, on improvements thereto or on personal security, on terms to be agreed upon; and
(3)to buy, sell or make loans as participation loans with another bank or with an insurance company and to service loans sold by it.