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Can you summarize MGL Chapter 167C?
CORPORATIONS > BANK LOCATIONS
Short Summary
These legal documents cover various aspects related to bank locations and operations in Massachusetts. They include provisions for the authorization of out-of-state banks, out-of-state federal banks, and foreign banks to act in a fiduciary capacity. The commissioner has the authority to grant a certificate of authorization to these banks, subject to certain conditions. The documents also govern the establishment and maintenance of branches by foreign banks, out-of-state banks, and out-of-state federal banks. The laws of the jurisdiction where the bank is organized must authorize such establishment or acquisition. The commissioner has the authority to approve or deny applications for the establishment of branches, taking into consideration various factors. Additionally, the documents outline the authorization process for foreign banks to transact banking business in Massachusetts. The commissioner has the authority to grant a certificate allowing a foreign bank to transact banking business, subject to certain conditions. The documents also cover the establishment and maintenance of branches by banks through mergers, consolidations, or purchases of assets or stock. The commissioner’s approval is required, and investigation fees must be paid. The documents provide definitions for various terms used in the chapter related to bank locations. These documents apply to out-of-state banks, out-of-state federal banks, foreign banks, banks, credit unions, banking institutions, financial institutions, and organizations providing services to financial institutions or merchants. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Out-of-state banks, out-of-state federal banks, foreign banks, banks, credit unions, banking institutions, financial institutions, organizations providing services to financial institutions or merchants
What does it govern?
Authorization of out-of-state banks, out-of-state federal banks, and foreign banks to act in a fiduciary capacity, establishment and maintenance of branches by foreign banks, out-of-state banks, and out-of-state federal banks, authorization process for foreign banks to transact banking business in the state, establishment and maintenance of branches by banks, payment of investigation fees for banks and credit unions, acting as an agent for another banking institution, establishment and maintenance of branch offices or depots by banks, definitions for various terms used in the chapter related to bank locations
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Massachusetts