Section 10: Loans or extensions of credit to officer, director or trustee of bank
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/ma/part-i/title-xxii/chapter-167j/10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 10. An officer, director or trustee of a bank, except as provided in this section, shall not borrow from or otherwise become indebted to the bank of which the individual is an officer, director or trustee and a bank, except as provided in this section, shall not make a loan or extend credit in any other manner to any of its officers, directors or trustees. An officer, director or trustee of a bank may borrow and a bank may make a loan or extend credit to its officers, directors or trustees subject to the terms and conditions set forth in clause
(6)of section 2I of chapter 167.