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:

Chapter 240 of the acts of 1870 is hereby amended by striking out section 2 and inserting in place thereof the following section:-

Section 2. The corporation shall have the following powers:

(a) To purchase, receive, take by grant, gift, devise, bequest, lease or otherwise acquire, own, hold, improve, employ, use and deal in and with, real or personal property of any value, or any interest therein, wherever situated;

(b) To sell, convey, lease, exchange, transfer or otherwise dispose of or mortgage, pledge, encumber or create a security interest in any or all of its property, or any interest therein, wherever situated;

(c) To purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, employ, sell, lend, lease, exchange, transfer or otherwise dispose of, mortgage, pledge, use and otherwise deal in and with, bonds and other obligations, shares, or other securities or interests issued by others, whether engaged in similar or different business, governmental or other activities;

(d) To enter into contracts, give guarantees and incur liabilities, borrow money at such rates of interest as the association may determine, issue its notes, bonds and other obligations and secure any of its obligations by mortgage, pledge or encumbrance of, or security interest in any or all of its property or any interest therein, wherever situated;

(e) To lend money, invest and reinvest its funds and take and hold real and personal property as security for the payments of funds so loaned or invested;

(f) To do business, carry on its operations and have offices and exercise the powers granted by this chapter in any jurisdiction within or without the United States;

(g) To pay pensions, establish and carry out pension, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions for any or all of its directors, officers and employees and for any or all of the directors, officers and employees of any corporation, fifty percent or more of the shares of which are outstanding and entitled to vote on the election of directors are owned, directly or indirectly, by it;

(h) To participate as a subscriber in the exchanging of insurance contracts pursuant to section ninety-four B of chapter one hundred and seventy-five of the General Laws;

(i) To be an incorporator of other corporations of any type or kind;

(j) To have and exercise all powers necessary or convenient to effect any or all of the purposes for which the association is formed; provided, however, that no such power shall be exercised in a manner inconsistent with this chapter or the General Laws; and

(k) To be a partner in any business enterprise which the association would have the power to conduct by itself.