Massachusetts Statutes

Section 24. The business of a stock bank 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. The directors shall be elected, in such manner as is provided in the by-law…

Section 25. 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 26. The board of directors shall meet at intervals, that shall not be less frequent than quarterly, but, upon application in writing by the corporation, the commissioner may waive or modify this requirement. Unless the articles of organization, the by-laws or a resolution…

Section 27. Fifteen or more savings banks may form the Savings Banks Employees Retirement Association, in this section and in sections 28 and 29 hereinafter referred to as the association, for the purpose of providing retirement benefits services through retirement plans that are…

Section 28. The by-laws of the association shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the association may be conducted and the manner in which its funds may be invested and paid out. Such association shall …

Section 29. The property of the association, the portion of the wages or salary of any employee deducted or to be deducted under sections 27 and 28, the right of an employee to an annuity or pension, and all of an employee's rights in the funds of the association, shall be exempt…

Section 3. A corporation organized pursuant to this chapter prior to January 1, 1955 shall be subject to this chapter and chapters 167C to 167G, inclusive, chapter 167I and chapter 167J so far as is consistent with its charter, and may, by vote of its corporators at its annual me…

Section 30. The participating members of the Savings Banks Employees Retirement Association, established by section 27, shall constitute the Savings Banks Employees Benefit Association, in this section and in sections 31 and 32 hereinafter referred to as the benefit association, …

Section 31. The trustees of the Savings Banks Employees Retirement Association shall prepare the by-laws of the benefit association and file the same with the commissioner. Said by-laws shall prescribe the manner in which, and the officers and agents by whom, the benefit associat…

Section 32. The property of the benefit association shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the benefit association, a participatin…

Section 4. A savings bank 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 for the purpose of forming a savings bank may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restricti…

Section 6. A notice of the intention of the incorporators to form such a savings bank shall be submitted 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…

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 trustees or 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 associat…

Section 9. When all the capital stock has been issued for a stock bank, 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, whic…

Section 1. This chapter shall apply to all persons who engage or are financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries, except banks chartered by the commonwealth, banks chart…

Section 10. A licensee shall keep such books, accounts and records as will enable the commissioner to determine whether such licensee is in compliance with the provisions of this chapter and rules and regulations made pursuant thereto and any other law, rule and regulation applic…

Section 11. The commissioner, if he has reason to believe that a person other than a licensee has violated any of the provisions of this chapter, shall be authorized to make such investigations as he shall deem necessary and may examine such other person and shall compel the prod…

Section 12. The commissioner may suspend or revoke any license issued pursuant to this chapter if he finds that: (a) the licensee has violated any provision of this chapter or any rule or regulation adopted hereunder or any other law applicable to the conduct of such business; or…

Section 13. (a) If the commissioner determines, after notice and opportunity for a hearing, that a licensee has engaged in or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule, regulation or order pursuant hereto, said…

Section 14. If, after examination, it appears that a licensee is insolvent or that its capital is impaired or that its condition is such as to render the continuance of its business hazardous to the public or to those having funds in its custody, the commissioner shall apply or, …

Section 15. The commissioner may enforce the provisions of this chapter or restrain violations thereof by filing a civil action in the superior court department of the trial court.

Section 16. Whoever violates any provision of this chapter or any rule or regulation made hereunder by the commissioner shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both.

Section 2. Every person subject to section one, before engaging or becoming financially interested or continuing to engage or be financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countr…

Section 3. Except as otherwise expressly provided herein, the provisions of this section shall apply to the bonds required by section two. Each such bond shall be executed by the person of whom it is required, as principal, and a surety company, approved by the commissioner, as s…

Section 4. The state treasurer shall keep a record, which shall be open to public inspection, of such bonds filed with him with the names and places of business of the principals and the name of any surety company, and the name of the officer before whom the bond was executed or …

Section 5. An action to recover on such bond may be brought by an aggrieved party in the superior court department of the trial court.

Section 6. The application for a license shall be in writing and on a form prescribed by the commissioner which shall contain the name and complete address where the business of such applicant is located and, if the applicant is a partnership, association, corporation or other bu…

Section 7. The commissioner may, from time to time, prescribe such rules and regulations as may be necessary to carry out the provisions of this chapter. Such rules and regulations may contain such classifications, differentiations or other provisions and may provide for such adj…

Section 8. All money received for transmission to a foreign country by any licensee shall be forwarded to the person to whom the same is directed within seven days following receipt thereof. Receipts given for deposits of money received for transmission to a foreign country shall…

Section 9. A licensee shall annually make a report to the commissioner, on or before a date to be determined by the commissioner, and at such other times as the commissioner may specify, in such form as the commissioner may prescribe, which form shall disclose the condition of th…

Section 1. For the purposes of this chapter, the following words shall have the following meanings unless the context clearly requires otherwise:— ''Casher of checks'', a person or entity engaged in cashing checks, drafts or money orders for a consideration in excess of one dolla…

Section 10. For the purpose of discovering violations of this chapter or a rule or regulation promulgated hereunder, or for securing information lawfully required by him, the commissioner may, at any time, and as often as he may determine, either personally or by a person designa…

Section 11. The licensee shall keep and use within the commonwealth such books, accounts and records as will enable the commissioner to determine whether such licensee is complying with the provisions of this chapter and with the rules and regulations promulgated hereunder by the…

Section 12. The commissioner or an aggrieved party may enforce the provisions of this chapter, or restrain any violations thereof, by filing a civil action in a court of competent jurisdiction. A violation of this chapter or a rule or regulation adopted hereunder, shall constitut…

Section 13. Whoever violates any provision of section two or any rule or regulation made thereunder by the commissioner shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, or both. Each day a violation continues shall…

Section 2. No person or entity shall engage in cashing checks, drafts or money orders for a consideration in excess of one dollar per item without first obtaining a license from the commissioner. Nothing in this chapter shall be construed to apply to a bank, as defined in section…

Section 3. The application for such license shall be in writing, shall be in a form prescribed by the commissioner and shall contain the name, residential address and the address where the business of the applicant is to be conducted, and if the applicant is a partnership, associ…

Section 4. If the commissioner refuses to issue a license, he shall notify the applicant of the denial, and within twenty days thereafter, he shall enter upon his records a written decision and findings containing the reasons supporting the denial and shall forthwith give written…

Section 5. Each license shall state the address at which the business is to be conducted and, if a mobile unit, the appropriate identification thereof, and shall state fully the name of the licensee. If a licensee intends to carry on business in more than one location or, in the …

Section 6. A schedule of fees and charges to be assessed for the cashing of checks, drafts or money orders shall be filed by each licensee with the commissioner annually on or before a date to be set by the commissioner and, together with any revisions thereto, shall be conspicuo…

Section 7. The licensee shall provide each patron cashing a check, draft or money order with a receipt of such transaction stating thereon the amount of the check, draft or money order cashed, the fee charged and the total amount received by such patron.

Section 8. The commissioner may suspend or revoke a license issued pursuant to this chapter if he finds that: (a) the licensee has violated a provision of this chapter or any rule or regulation adopted hereunder or any other law applicable to the conduct of its business; or (b) a…

Section 9. (a) If the commissioner determines, after giving notice of and opportunity for a hearing, that a licensee has engaged in or is about to engage in an act or practice constituting a violation of a provision of this chapter or a rule, regulation or order adopted hereunder…

Section 1. As used in this chapter, the following words shall have the following meanings unless the context clearly requires otherwise: ''Acting in concert'', persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant …