Chapter 172

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 treas…

Section 10. Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. The corporation may also establish regulations controlling t…

Section 11. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid, and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in …

Section 12. The business of such corporation shall be managed by a board of not less than 7 nor more than 25 directors. A majority of the directors shall be citizens of the commonwealth and residents therein; provided, however, upon application in writing by a bank engaged in a g…

Section 13. The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose. The president shall be elected by and from the board of directors and shall be chairman thereof unless the board designates a direc…

Section 14. Subsection (a) to (e), inclusive, shall apply to meetings of the board and its committees. (a) The board of directors shall meet at intervals, not less frequent than quarterly; provided, however, upon application in writing by the corporation, the commissioner may wai…

Section 2. A trust company shall have all the powers expressly granted by law and whatever further incidental powers may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common or accept…

Section 3. No person, other than a trust company, shall use the words ''trust company'', even though said words may be separated by 1 or more other words, as part of the person's or its name or in any representation describing the person's or its business, powers, services or fun…

Section 4. A trust company shall upon its incorporation have such capital structure as the board of bank incorporation shall deem adequate. Such capital structure may vary by the board based on the application and business plan submitted.

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 liabilitie…

Section 6. A notice of the intention of the subscribers to form such a trust company shall be given to the board of bank incorporation. A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers desi…

Section 7. The first meeting of the incorporators shall be called by a notice signed either by that incorporator who is designated in the agreement for the purpose, or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. A c…

Section 8. The president, clerk or secretary and a majority of the directors as applicable elected at such first meeting shall make and sign under penalties of perjury articles of organization in duplicate, setting forth: (1) a true copy of the agreement of association, the names…

Section 9. When all the capital stock has been issued, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be v…

Section 9A. After notice of intent, application and hearing as the commissioner may require and with the commissioner's written permission and under conditions the commissioner may impose, the commissioner may, if satisfied that public convenience and advantage will be promoted a…