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Can you summarize MGL Chapter 167A?
CORPORATIONS > BANK HOLDING COMPANIES
Short Summary
The provided legal document content covers various aspects related to bank holding companies. It includes provisions for the confidentiality of information in applications filed with the board of bank incorporation, the registration process for bank holding companies, the authority to act under Section 2, the activities of banking institutions that are subsidiaries of a bank holding company, violations of regulations and orders issued by the commissioner related to bank holding companies, criteria for determining whether a company qualifies as a bank holding company, acts that do not require approval by the board, and acts that require prior written approval by the board of bank incorporation. These documents apply to banking institutions, bank holding companies, companies, mutual holding companies, individuals, officers, directors, trustees, employees, and agents. The penalties for violations include fines ranging from $100 per day for companies to $10,000 or imprisonment for up to 10 years for officers, directors, trustees, employees, or agents who make false entries or willfully omit material in company records with intent to deceive an examiner.
Whom does it apply to?
Banking institutions, bank holding companies, companies, mutual holding companies, individuals, officers, directors, trustees, employees, agents
What does it govern?
Confidentiality of information in applications filed with the board of bank incorporation, registration process for bank holding companies, authority to act under Section 2, activities of banking institutions that are subsidiaries of a bank holding company, violations of regulations and orders issued by the commissioner related to bank holding companies, criteria for determining whether a company qualifies as a bank holding company, acts that do not require approval by the board, acts that require prior written approval by the board of bank incorporation
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
A) Companies may be fined up to $100 per day for each violation; b) Individuals who willfully participate in a violation may be fined up to $5,000; c) Individuals who knowingly submit false reports may be fined up to $5,000 or imprisoned for up to 1 year, or both; d) Officers, directors, trustees, employees, or agents who make false entries or willfully omit material in company records with intent to deceive an examiner may be fined up to $10,000 or imprisoned for up to 10 years, or both.
Jurisdiction
Massachusetts