Section 5: Formation of trust company; agreement of association
200 words·~1 min read·
/ma/part-i/title-xxii/chapter-172/5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5. Fifteen or more individuals who associate themselves by a written agreement to form a trust company may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all general laws relating to such corporations. The agreement of association shall specifically state:
(1)That the incorporators associate themselves with the intention of forming a corporation;
(2)The name by which the corporation shall be known;
(3)The location of the principal office of the corporation, which shall be within the commonwealth;
(4)The purposes for which the corporation is formed and the nature of the business to be transacted;
(5)The amount and classes of its capital stock, and the number of shares into which any class is to be divided;
(6)the amount of the surplus account;
(7)the amount of the undivided profits account; and
(8)the name of each incorporator and the number of shares of capital stock, if any, which the individual agrees to take and the class or classes of such shares.
The name of each incorporator shall be subscribed to the agreement of association.