Section 5. Fifteen or more individuals who associate themselves by a written agreement for the purpose of forming a savings bank may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in the General Laws, which relate to such corporations. The agreement of association shall specifically state:

Terms Used In Massachusetts General Laws ch. 168 sec. 5

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(1) that the incorporators thereto associate themselves with the intention of forming a corporation;

(2) the name by which the corporation shall be known;

(3) the location of the principal office of the corporation, which shall be within the commonwealth;

(4) the purposes for which the corporation is formed and the nature of the business to be transacted;

(5) the amount and classes of its capital stock and the number of shares into which any class is to be divided; the amount of the surplus account and the amount of the undivided profits account for a stock bank and the amount of the surplus account for a mutual bank; and

(6) the name of each incorporator and the number of shares of capital stock, if any, which the incorporator agrees to take and the class or classes of such shares.

The name of each incorporator shall be subscribed to the agreement of association.

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