Section 1: Definitions
223 words·~1 min read·
/ma/part-i/title-xxii/chapter-172/1·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, of this chapter 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.
''Common stock'', the shares of capital stock of a trust company, other than preferred stock.
''Incorporators'', subscribers to the agreement of association for the purpose of forming a trust company under this chapter.
''Officer'', any individual designated as such in accordance with the by-laws including, whether or not so designated, the president, vice-president, treasurer and the clerk or secretary, or any individual who performs the duties appropriate to those offices.
''Stockholder'', a registered owner of shares of capital stock of a trust company.
''Surplus account'', an account so designated on the books of a trust company and consisting of such amounts as shall be required by law or shall be transferred thereto by vote of the board of directors.
''Trust company'' or ''corporation'', a trust company incorporated as such in the commonwealth.