Section 18: Interim banks
131 words·~1 min read·
/ma/part-i/title-xxii/chapter-167i/18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 18. Notwithstanding any general or special law to the contrary, the commissioner may, subject to such terms and conditions as the commissioner may impose, grant a certificate to establish an interim bank, which may be a savings bank, co-operative bank or a trust company, owned by a bank holding company or a banking institution, as defined in section 1 of chapter 167A, or a mutual holding company, as defined in section 1 of chapter 167H, for the sole purpose of facilitating a multi-step corporate transaction involving a bank, as defined in section 1 of chapter 167; provided, however, that the interim bank under this chapter, chapter 167A, 167H, 167I or any other chapter shall not receive deposits or otherwise carry on a banking business under the laws of the commonwealth.