Section 1: Definitions
195 words·~1 min read·
/ma/part-i/title-xxii/chapter-168/1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1.
(a)As used in sections 1 to 9, inclusive, the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean, a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer.
(b)As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
''Capital stock'', the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.
''Commissioner'', the commissioner of banks.
''Corporator'', an original incorporator.
''Incorporators'', subscribers to the agreement of association for the purpose of forming a savings bank under this chapter.
''Mutual bank'', a savings bank, institution for savings or savings institution incorporated as such in the commonwealth in mutual form.
''Savings bank'', a savings bank, institution for savings or savings institution incorporated as such in this commonwealth.
''Stock bank'', a savings bank, institution for savings or savings institution incorporated as such in the commonwealth in stock form which has been chartered or reorganized or converted to a stockholder form of corporation.
''Stockholder'', a registered owner of shares of capital stock of a stock savings bank.