Massachusetts General Laws ch. 6 sec. 132 – Advances to commissioner
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Section 132. There may be advanced annually to the commissioner from the state treasury, from the amount appropriated for the maintenance of the industries established by the commissioner such sum, approved by the governor, as may be necessary to be used as a working capital for said industries. Said sum when drawn from the treasury shall be deposited in a national bank or trust company to the credit of the commissioner, who shall give a bond in such sum and with sureties as the governor may approve.
Terms Used In Massachusetts General Laws ch. 6 sec. 132
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC