2019 Massachusetts General Laws
Part I - Administration of the Government
Title XXII - Corporations
Chapter 167 - Supervision of Banks
Section 3 - Meetings of Board of Directors or Board of Trustees of Bank; Reports on Bank Examinations; Records; Certificates

Universal Citation: MA Gen L ch 167 § 3 (2019)

Section 3. Whenever the commissioner deems it expedient, he may cause a meeting of the board of directors or board of trustees of a bank to be held in such manner and at such time and place as he may direct. Any report of an examination of the affairs of such bank under section two, any conclusions drawn therefrom by the commissioner and any directions or recommendations made by him relative thereto and any other matters concerning the operation or condition of such bank, may be presented to such board by the commissioner in person or by such assistant as he may designate, and the person having custody of the records of such bank, hereinafter referred to as the recording officer, shall forthwith incorporate such directions and recommendations in the records of such meeting. Each director or trustee of such bank who is present at such meeting shall forthwith sign a certificate or other acknowledgment in such form as may be prescribed by the commissioner, that he has heard the directions and recommendations of the commissioner or read the records containing the same. The recording officer of such bank shall, within seven days after the date of such meeting, transmit to the commissioner the said certificates or other forms of acknowledgment, signed as aforesaid, together with an attested copy of the records of such meeting. The recording officer shall also, within such period, mail, by registered mail, an attested copy of the records of such meeting and a blank form for said certificate or other form of acknowledgment, to each director or trustee, unless excused by the commissioner for physical or mental incapacity or absence from the commonwealth, who, in turn, shall sign and return to the recording officer such certificate or other form of acknowledgment. The commissioner may make rules and regulations relative to the filing of such certificates or other form of acknowledgment by absent directors or trustees and relative to their transmission to him. The commissioner may require a monthly report from the recording officer relative to the execution of and compliance with the directions, recommendations or orders set forth at such meeting. The superior court shall have jurisdiction in equity to enforce any lawful order made by the commissioner under the provisions of this section upon application by said commissioner.

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