Section 10 – Applicability of Sections to Mutual Banks and to Stock
Section 10. A mutual bank shall be subject to sections 11 to 21A, inclusive, and a stock bank shall be subject to sections 21A to 26, inclusive.
Section 11 – Place of Meetings of Corporators, Board of Trustees and Board of Investment of Mutual Bank
Section 11. Meetings of the corporators, board of trustees and board of investment of a mutual bank shall be held in the town where the main office of the corporation is located or at any other place within the counties in which the bank has a branch office.
Section 12 – Corporators of Mutual Bank
Section 12. A mutual bank shall have at least 25 corporators and may, at a legal meeting of the corporators, elect by ballot to be a corporator any person who is a resident of the commonwealth, or any person who resides in another state; provided, however, that not less than a majority of said corporators […]
Section 13 – Annual and Special Meetings of Corporators of Mutual Bank
Section 13. The annual meeting of the corporators of a mutual bank shall be held at a time as the by-laws direct. Special meetings may be held by order of the trustees or upon written request of at least 10 corporators addressed to the clerk who shall give notice of special meetings upon that order […]
Section 14 – Board of Trustees of Mutual Bank
Section 14. A mutual bank shall have a board of trustees, subject to paragraphs (1) to (4), inclusive. (1) Number. The board shall consist of not less than 11 trustees and such additional number, if any, as may be provided in the by-laws. (2) Qualifications. The business of the corporation shall be managed by a […]
Section 15 – Regular and Special Meetings of Board of Trustees of Mutual Bank
Section 15. A regular meeting of the board of trustees of a mutual bank shall be held at least once every 3 months, for the purposes set forth in this section and for the transaction of other business. Special meetings may be called by the president or shall be called by the clerk, if requested […]
Section 16 – Board of Investment of Mutual Bank
Section 16. (a) A mutual bank shall have a board of investment consisting of not less than 5 members, who shall be trustees of the corporation. Only 1 of the persons holding the office or performing the duties of president, executive vice president, senior vice president or treasurer shall at the same time be a […]
Section 17 – Officers of Mutual Bank
Section 17. In addition to the trustees and members of the board of investment, the officers of a mutual bank shall be a president, 1 or more vice presidents, a treasurer, a clerk and, subject to applicable provisions of the by-laws, such other officers as from time to time may be determined by the trustees […]
Section 18 – Election of Officers, Members of Board of Trustees and Members of Board of Investment
Section 18. The clerk of a mutual bank and such members of the board of trustees as may be required to be elected under section 14 shall be elected at the annual meeting or at a special meeting of the corporators between meetings of the corporation. The president shall be elected by the trustees. If […]
Section 19 – Notice of Election to Person Not Present at Meeting at Which Such Person Was Elected; Filing of List of Names
Section 19. Each person elected to office at the annual meeting or at any other meeting of the corporators or trustees, who is not present at the meeting at which such person was elected shall be notified, in writing, of the election by the clerk of the corporation. The notice shall be sent within 10 […]
Section 20 – Auditing Committee; Other Committees
Section 20. At least once during each 12 month period, the trustees shall elect an auditing committee of not less than 3 trustees who shall not be operating officers or members of the board of investment. The members of such committee shall take an oath of office in the manner and within the period prescribed […]
Section 21 – By-Laws
Section 21. The by-laws of the corporation may provide for any and all matters relative to the business and affairs of the corporation as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed.
Section 21a – Action Without Meeting
Section 21A. Subsection (a) to (d), inclusive, shall apply to meetings of the board and its committees for both a savings bank in mutual form or in stock form. (a) Unless the articles of organization or by-laws provide that action, required or permitted by this chapter or another general law, shall be taken by the […]
Section 22 – Stock Bank; Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum
Section 22. A stock bank 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. It may also establish regulations controlling the assignment and transfer of its shares. A majority in interest of the stockholders […]
Section 23 – Stockholder Voting; Votes by Proxy
Section 23. 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 the name of […]
Section 24 – Board of Directors of Stock Bank; Executive Committee
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-laws, by the stockholders […]
Section 25 – Election of Officers
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 director in lieu of the president to […]
Section 26 – Meetings of Board of Directors
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 of the board otherwise provide, members of the board of directors […]
Section 27 – Savings Banks Employees Retirement Association
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 qualified under section 401 of the Internal Revenue Code, to members of […]
Section 28 – By-Laws of Savings Banks Employees Retirement Association
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 be formed when its by-laws have been […]