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Can you summarize MGL Chapter 167I?
CORPORATIONS > CORPORATE BANK TRANSACTIONS: MERGERS, CONSOLIDATIONS, PURCHASE OF ASSETS AND CONVERSIONS
Short Summary
These legal documents cover a wide range of corporate bank transactions, including mergers, consolidations, purchase of assets, and conversions. They provide guidelines and regulations for various entities such as co-operative banks, stock banks, federally-chartered banks, thrift institutions, credit unions, foreign banks, limited purpose trust companies, mutual banks, mutual holding companies, out-of-state banks, savings banks, subsidiary banking institutions, and trust companies. The documents outline the procedures and effects of these transactions, including the requirements for notice, approval, and payment to regulatory funds. They also address the termination of membership in the Depositors Insurance Fund, dissolution and liquidation of banks, acquisition of control of stock banks, and conversion of banks to different charters. The documents do not mention any specific exemptions or penalties. Overall, these legal documents provide a comprehensive framework for corporate bank transactions in Massachusetts.
Whom does it apply to?
Co-operative banks, stock banks, federally-chartered banks, thrift institutions, credit unions, foreign banks, limited purpose trust companies, mutual banks, mutual holding companies, out-of-state banks, savings banks, subsidiary banking institutions, trust companies, and individuals or entities involved in transactions with these entities
What does it govern?
Procedures and effects of merging or consolidating a co-operative bank with a bank, conversion of a co-operative bank to a federal charter, acquisition of control of stock banks, conversion of federally-chartered banks or thrift institutions into a co-operative bank, dissolution and liquidation of a bank, termination of membership of a savings bank in the Depositors Insurance Fund, consolidation or merger of mutual banks or stock banks into a federally-chartered bank or thrift institution, acquisition of all the capital stock of a stock bank by a company, expedited consolidation or sale of assets of a certified unsafe or inexpedient bank, conversion of a mutual bank to a stock bank, merger or consolidation of stock banks, federally-chartered banks, out-of-state banks, and limited purpose trust companies, merger or consolidation of mutual banks or subsidiary banking institutions and credit unions or federal credit unions, conversion of a credit union to a mutual bank, and bank transactions involving the advancement, loan upon, or purchase of assets or stock of other banks or financial institutions
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