Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for residency requirements for corporators, trustees and directors of certain banks, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

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

SECTION 1. Paragraph 6 of the second paragraph of section 34B of chapter 168 of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by inserting after the third paragraph the following paragraph:-

If the merging or consolidating corporations or thrift institutions are chartered by or, in the case of federal savings and loan associations or federal mutual savings banks, have their main offices located in and are authorized to do business in different states, then from and after the effective date of the merger or consolidation, the citizenship and residency requirements for corporators and trustees set forth in sections nine and ten shall no longer apply, and any citizen of the United States may serve as corporator or trustee of the continuing corporation.

SECTION 2. Section 34D of said chapter 168, as so appearing, is hereby amended by inserting after the second paragraph the following paragraph:-

If the merging or consolidating stock corporations are chartered by or, in the case of federally chartered stock corporations, have their main offices located in and are authorized to do business in different states, then from and after the effective date of the merger or consolidation, the citizenship and residency requirements for directors set forth in section thirteen of chapter one hundred and seventy-two shall no longer apply, and any citizen of the United States may serve as a director of the continuing corporation.

SECTION 3. Clause (4) of subsection A of section 36 of chapter 172 of the General Laws, as so appearing, is hereby amended by inserting after the second paragraph the following paragraph:-

If the merging or consolidating corporations are chartered by or, in the case of federally chartered stock corporations, have their main offices located in and are authorized to do business in different states, then from and after the effective date of the merger or consolidation, the citizenship and residency requirements for directors set forth in section thirteen shall no longer apply, and any citizen of the United States may serve as director of the continuing corporation.