Chapter 167G

Section 1. The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings: ''Bank'' or ''such bank'', a savings bank, cooperative bank, trust company or limited purpose trust company. ''Capital stock'', the sum of the par val…

Section 2. With the written authority of the commissioner any such bank may have a trust department in which all business conducted by such department shall be segregated from its general business. The commissioner may grant or refuse such authority after such investigation of th…

Section 3. The trust department of such bank shall, subject to the limitations contained in this chapter, have the following powers: 1. To hold money or property in trust or on deposit from, personal representatives, voluntary personal representatives, assignees, conservators and…

Section 4. Money, property or securities received, invested or loaned by the trust department of any such bank, shall be a special deposit in such corporation, and the accounts thereof shall be kept separate. Such funds and the investment or loans thereof shall be specially appro…

Section 5. Such bank in its trust department may invest the funds or assets which it may receive and hold in a fiduciary capacity in the same way, to the same extent, and under the same restrictions as an individual holding a similar position may invest such funds or assets.

Section 6. No surety shall be required upon the bonds filed by such bank as fiduciary except that the court making such an appointment other than of a trustee, may, upon application by an interested person, require the bank so appointed to give such security, in addition to that …

Section 7. In all proceedings in the probate court or elsewhere, connected with any authority exercised by the trust department, all accounts, returns and other papers may be signed and sworn to, in behalf of such bank by any officer thereof duly authorized by it, who has knowled…

Section 8. Notwithstanding section 4, funds held in the trust department of any bank awaiting investment or distribution may be deposited in its banking department if such bank shall first transfer to its trust department, to be held as security therefor, bonds, notes, bills and …

Section 9. The capital stock of a trust company, or such funds of a savings bank or co-operative bank as determined by the commissioner shall be security for the faithful performances of duties undertaken by the trust department of a bank.