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Can you summarize MGL Chapter 167F?
CORPORATIONS > INVESTMENTS AND OTHER POWERS
Short Summary
The provided legal document content covers various aspects related to investments and other powers of banks and corporations in Massachusetts. It outlines the ability of banks to subscribe for stock issued by the Federal Reserve Bank of Boston for membership in the federal reserve system. It also allows banks to invest in, establish, operate, or subscribe for services from other banks, federal banks, foreign banks, out-of-state banks, or out-of-state federal banks for obtaining technology, trust services, financial planning, compliance, internal audits, human resource, or other operational functions. The document also governs the sale of insurance by banks, granting them the power to sell insurance products directly or indirectly through affiliates, subsidiary corporations, or licensed insurance producers. It sets conditions and limitations for such sales, including the requirement for approval of a general plan of operation, physical separation of bank and insurance services, and non-discrimination practices. The document also outlines the powers and limitations of banks in Massachusetts, including the ability to invest in securities, engage in international banking operations, act as trustees or custodians, and provide insurance services. It allows banks to participate in educational savings programs, issue mortgage-backed securities, and engage in other financial activities. The document provides definitions for various terms used in the Massachusetts General Law related to the administration of the government, corporations, investments, and other powers. It helps in understanding the context and interpretation of the law. The document does not mention any specific exemptions or penalties, except for exemptions granted by other sections of the law.
Whom does it apply to?
Banks, corporations, insurance customers
What does it govern?
Investments, memberships in certain organizations, sale of insurance by banks, powers and limitations of banks
What are exemptions?
Exemptions are mentioned for certain authorities granted by other sections of the law.
What are the Penalties?
Violations of the provisions may result in penalties, cease and desist orders, or suspension or loss of license.
Jurisdiction
Massachusetts