Section 1: Definitions
482 words·~2 min read·
/ma/part-i/title-xxii/chapter-167i/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 clearly requires otherwise, have the following meanings:—
''Bank'', an association or corporation chartered by the commonwealth pursuant to chapter 168, 170 or 172.
''Board'', the board of trustees or directors of a bank or thrift institution and the board of directors of a federally chartered stock bank.
''Capital stock'', the sum of the par value of the preferred and common shares of capital stock of a stock bank, issued and outstanding.
''Commissioner'', the commissioner of banks.
''Co-operative bank'', a bank governed by chapter 170.
''Credit union'', a corporation organized pursuant to chapter 171 or corresponding provisions of earlier law.
''Federally-chartered bank'', a national banking association, or federal savings and loan association or federal savings bank in stock form, the main office of which is located in the commonwealth or in another state.
''Federally-chartered credit union'', a credit union organized under the Federal Credit Union Act.
''Foreign bank'', an association or corporation authorized to do banking business which exists by authority of a country other than the United States.
''Limited purpose trust company'', an entity chartered by the commonwealth pursuant to section 9A of chapter 172 or by any state or a federal agency that conducts trust and fiduciary business but does not accept deposits or otherwise carry on a banking business.
''Mutual bank'', a savings bank chartered by the commonwealth pursuant to chapter 168 or a co-operative bank chartered by the commonwealth pursuant to chapter 170 in mutual form.
''Mutual holding company'', a holding company organized pursuant to chapter 167H.
''Out-of-state bank'', an association or corporation in stock form authorized to do banking business, the main office of which is located outside the commonwealth and which exists by authority of a state of the United States other than the commonwealth.
''Savings bank'', a bank governed by chapter 168.
''Stock bank'', an association or corporation chartered in stock form by the commonwealth pursuant to chapter 168 or 170, or which has reorganized or converted to become a stockholder form of organization pursuant to chapter 168 or 170, or a trust company, as defined in chapter 172.
''Subsidiary banking institution'', the banking institution which is the direct or indirect subsidiary of a mutual holding company.
''Surplus account'', an account so designated on the books of a bank and consisting of amounts required by law.
''Thrift institution'', a banking institution in mutual or cooperative form organized under the laws of another state or a federal savings and loan association or federal savings bank in mutual form the main office of which is located in the commonwealth or in another state.
''Trust company'', a bank governed by chapter 172.
''Voting body'', corporators of a savings bank in mutual form, shareholders of a co-operative bank not in stock form and the stockholders of a stock bank with rights to vote in corporate transactions.