Chapter 167I

Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Bank'', an association or corporation chartered by the commonwealth pursuant to chapter 168, 170 or 172. ''Board'', the board of trustees …

Section 10. A credit union may convert to a mutual bank pursuant to section 80A of chapter 171. A federally-chartered credit union may convert to a mutual bank pursuant to the Federal Credit Union Act subject to the approval of the commissioner under such conditions as may be imp…

Section 11. A mutual bank or stock bank, by vote of at least 2/3 of its voting body, at a meeting duly called for the purpose, preceded by a notice in writing sent to each member of the voting body and to the commissioner by mail at least 60 days before said meeting, may consolid…

Section 12. By any votes required under federal law and the filing of such documents as the commissioner shall prescribe and under such terms and conditions as the commissioner may impose, a federally-chartered bank or thrift institution, upon approval by the commissioner, shall …

Section 13. A company having capital stock, which desires to acquire all the capital stock of any stock bank shall, together with such stock bank, submit, to the commissioner a written plan of acquisition of such stock. Such plan shall be in a form satisfactory to the commissione…

Section 14. No person, acting directly or indirectly or through or in concert with 1 or more other persons, shall acquire control of any stock bank, through a purchase, assignment, transfer, pledge or other disposition of voting stock of such bank unless the commissioner has been…

Section 15. Subject to the written approval of the commissioner, a bank may be dissolved and liquidate its affairs if authorized by a vote passed, at a meeting specially called to consider the subject, by at least 2/3 of the voting body of the bank. A committee of 3 members shall…

Section 16. (a) Upon a merger or a consolidation by a savings bank with and into a bank, a federally-chartered bank or an out-of-state bank, other than a savings bank, such savings bank, in this section referred to as a former member bank, shall cease to be a member bank in the D…

Section 17. (a) Upon a proposal to merge or consolidate a co-operative bank with and into a bank, other than a co-operative bank, a federally-chartered bank or an out-of-state bank or conversion to a federal charter, such co-operative bank shall send a notice in writing by regist…

Section 18. Notwithstanding any general or special law to the contrary, the commissioner may, subject to such terms and conditions as the commissioner may impose, grant a certificate to establish an interim bank, which may be a savings bank, co-operative bank or a trust company, …

Section 2. One or more mutual banks may merge or consolidate into a single mutual bank, and 1 or more mutual banks and 1 or more thrift institutions may merge or consolidate into a single mutual bank or thrift institution, upon such terms approved by a vote of at least 2/3 of the…

Section 3. One or more stock banks may merge or consolidate into a single stock bank, and 1 or more stock banks, federally-chartered banks, out-of-state banks and limited purpose trust companies may merge or consolidate into a single stock bank, federally-chartered bank or out-of…

Section 4. Any 1 or more mutual banks or subsidiary banking institutions and any 1 or more credit unions, or federally-chartered credit unions may merge or consolidate into a single mutual bank or subsidiary banking institution upon terms approved by a vote of at least 2/3 of the…

Section 5. If the commissioner has certified to the Depositors Insurance Fund that it is unsafe or inexpedient for a member bank to continue to transact business, as provided in section 4 of chapter 43 of the acts of 1934, the member bank may be consolidated with or sell its asse…

Section 6. The commissioner shall not approve an application for a merger or consolidation pursuant to this chapter if the bank sought to be acquired has been in existence for less than 3 years or if, as a result of any such merger, the applicant would control more than 30 per ce…

Section 7. For any consolidation or merger under the preceding sections, articles of consolidation or merger shall be filed with the state secretary which shall set forth the due adoption of an agreement of consolidation or merger and shall state: (i) the names of the corporation…

Section 8. With the approval of the commissioner, any bank may advance or loan upon or purchase the whole or any part of the assets or stock of any bank, out-of-state bank, federally-chartered bank, thrift institution, limited purpose trust company, credit union or federally-char…

Section 9. Notwithstanding any general or special law to the contrary, a mutual bank, subject to approval of the commissioner, may convert to a stock bank. Any mutual bank which converts to a stock bank shall have all the powers and privileges of a savings bank or co-operative ba…