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 9 of section 2 of chapter 167F of the General Laws, as appearing in the 1990 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:-

To purchase, hold and lease real estate suitable for the transaction of its business; provided, however, that if the aggregate amount invested and proposed to be invested therein, including the cost of alterations and additions in the nature of permanent fixtures exceeds, directly or indirectly, thirty percent of its capital stock and surplus account or one hundred percent of its capital stock whichever is greater, for a stock corporation or if such amount exceeds one hundred percent of surplus for a thrift institution such excess investment shall be made only with the approval of the commissioner.