Section 19: Stock purchase plans, restricted stock purchase plans and stock grant plans for employees, officers and directors
133 words·~1 min read·
/ma/part-i/title-xxii/chapter-167j/19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 19. Such corporation may establish stock purchase plans, restricted stock purchase plans and stock grant plans for employees, officers and directors thereof, whether such director is an employee or non-employee of the corporation. Any such plan shall be subject to such terms and conditions as shall be approved by the board of directors of the bank, by the holders of a majority of the stock thereof entitled to vote with respect thereto and by the commissioner. In the absence of fraud, the sufficiency of consideration as so approved shall be conclusively presumed. Notwithstanding paragraph
(C)of section 14, stock may be issued for intangible property or services if permitted by the plan approved as provided in this section, without the approval of the specific form of such non-cash consideration by the commissioner.