HOUSE DOCKET, NO. 1717        FILED ON: 1/13/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 917

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act revising certain provisions of the mutual holding company law..

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. Section 1 of chapter 167H as appearing in the 2006 Official Edition is hereby amended by inserting after the definition of Commissioner the following definition:

“Interim Bank” means a Massachusetts or federally-chartered banking institution organized solely to participate in and facilitate an acquisition, reorganization or other corporate transaction. 

SECTION 2. Section 7 of chapter 167H as so appearing, is hereby amended by striking out paragraph (2) and inserting in place the following new paragraph:

(2) Acquire a mutual banking institution through consolidation or merger of such institution with the subsidiary banking institution on interim bank subsidiary of such holding company.