Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Paragraph 4 of section 3 of chapter 167F of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by adding the following two sentences:-

No bank shall make an investment pursuant to this paragraph in any such corporation or association controlled by said bank. For the purposes of this paragraph a bank shall be deemed to control a corporation or association if; (1) the bank owns or controls twenty-five per cent or more of the voting stock of any such corporation or association; or (2) the bank, in any manner controls the election of a majority of the directors of any such corporation or association; or (3) twenty-five per cent or more of the vote or voting stock of any such corporation or association is held by trustees for the benefit of said bank.