Massachusetts General Laws ch. 167F sec. 9 – Membership in certain organizations
Section 9. Such bank may, by vote of its board of investment, or board of directors, obtain memberships in certain organizations, and may make contributions and donations and subscribe for services, subject to the conditions, and requirements of this section.
Terms Used In Massachusetts General Laws ch. 167F sec. 9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
1. Banking Association Memberships. — Such corporation may become a member of any association organized to protect and promote the interests of banking institutions, and may pay for such membership its proportionate share of the expenses as is reasonable and necessary.
2. Miscellaneous Memberships. — Such corporation may become a member of or contribute to any other association or organization in the commonwealth if, in the opinion of said board, such membership or contribution is reasonable and of substantial benefit to such corporation and its depositors.
3. Subscriptions to Services. — For the purposes of promoting, protecting or conserving the assets of banking institutions, such corporation may subscribe for services, including advertising and professional services, rendered or to be rendered collectively through an association referred to in paragraph 1 or through any group of banking institutions; and in each such case the corporation, with the approval of the board, may pay for such services its proportionate share of the total cost thereof or such other amount as said board shall deem reasonable and proper.