HOUSE DOCKET, NO. 3535 FILED ON: 1/16/2015
HOUSE . . . . . . . . . . . . . . . No. 940
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The Commonwealth of Massachusetts
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PRESENTED BY:
Angelo M. Scaccia
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act making technical corrections to the banking statute.
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PETITION OF:
Name: | District/Address: | Date Added: |
Angelo M. Scaccia | 14th Suffolk | 1/16/2015 |
William F. Galvin | Secretary of the Commonwealth | 1/16/2015 |
Alan Silvia | 7th Bristol | 9/5/2019 |
HOUSE DOCKET, NO. 3535 FILED ON: 1/16/2015
HOUSE . . . . . . . . . . . . . . . No. 940
By Mr. Scaccia of Boston, a petition (accompanied by bill, House, No. 940) of Angelo M. Scaccia, William Francis Galvin (Secretary of the Commonwealth) and Alan Silvia for legislation to make technical corrections to the banking laws. Financial Services. |
The Commonwealth of Massachusetts
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In the One Hundred and Eighty-Ninth General Court
(2015-2016)
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An Act making technical corrections to the banking statute.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
1.Chapter 140D, section 3, subsection (a) of the General Laws, as most recently amended by Chapter 482 of the Acts of 2014, is hereby amended by striking the words “state secretary” in the second paragraph and inserting in place thereof the word:- “commissioner”.
2.Section 5, clause (4) of Chapter 167I of the General Laws, as added by Chapter 482 of the Acts of 2014, is hereby amended by deleting the following:- “and in any filing office established under chapter 106.”
3.G.L. c.167I is further amended by striking, in section 7, the words “state secretary” and inserting in place thereof the word:- “commissioner”.
4.Section 7 is hereby further amended by inserting after the words “chapter 156D” the phrase:- “except that the commissioner will perform all actions required to be performed by the secretary of state and all filings required to be filed thereunder by the secretary will be made with the commissioner.”
5.Section 7 is further amended by striking the words “has received from the state secretary” and insert in place thereof the words:- “has issued”.
6.Section 17(b) of Chapter 167I is amended by striking the words:- “and after the commissioner has received from the state secretary a certificate that such cooperative bank hereinafter referred to as the predecessor corporation has been duly recorded for dissolution.”
7.Section l7(c) is hereby amended by striking in the second paragraph the words:- “cause to be filed with the state secretary.”
8.Section 17(c) is hereby further amended by striking the word “secretary” and inserting in place thereof the word:- “commissioner”.
9.Section 17(c) is further amended by striking the third paragraph and inserting in place thereof:- “After approval of such conversion by the commissioner and receipt by the commissioner of satisfactory evidence that all federal laws and regulations have been complied with, the commissioner shall issue to said officers and directors a certificate of incorporation as a cooperative bank.”
10.Chapter 168 is hereby amended Section 8 by striking in the first sentence the words:- “in duplicate”.
11.Chapter 168 of the General Laws is hereby amended by striking the second paragraph of section 8 and inserting in place thereof the following:- “The articles so signed shall be submitted to the commissioner, together with a copy of the proposed records of the corporation, who shall examine the same, and who may require such amendment thereof or such additional information as the commissioner may consider necessary. If the commissioner finds that the articles conform to the 4 preceding sections relative to the organization of the corporation and that section 6 has been complied with, the commissioner shall so certify and endorse his approval thereon. The commissioner shall file the articles in his office upon receipt of a fee, the amount of which shall be determined annually by the secretary of administration and finance pursuant to chapter 3B of section 7 and shall issue a certificate of incorporation in the following form:
COMMONWEALTH OF MASSACHUSETTS
Be it known that whereas (the names of the subscribers to the agreement of association) have associated themselves with the intention of forming a corporation under the name of (the name of the corporation), for the purpose (the purpose declared in the agreement of association), with a capital stock or surplus, as applicable, of (the amount fixed in the agreement of association), and have complied with the statutes of the commonwealth in such case made and provided, as appears from the articles of organization of said corporation, duly approved and recorded in this office: Now, therefore, I (the name of the commissioner), Commissioner of Banks of the commonwealth of Massachusetts, do hereby certify that said (the names of the subscribers to the agreement of association), their associates and successors, are legally organized and established as, and are hereby made, an existing corporation under the name of (name of the corporation), with the powers, rights and privileges, and subject to the limitations, duties and restrictions, which by the law appertain thereto.
Witness my official signature hereunto subscribed and the great seal of the commonwealth of Massachusetts hereunto affixed, this day of in the year (the date of the filing of the articles of organization).”
12. Chapter 168 is hereby further amended by striking in the fifth paragraph the words “state secretary” each time it appears and inserting in place thereof the word:- “commissioner”.
13.Section 8 of Chapter 168 is hereby further amended by inserting in the last paragraph after the words “chapter 156D” the following phrase:- “except that the commissioner will perform all actions required to be performed by the state secretary and all filings required to be filed thereunder will be made with the commissioner”.
14.The last paragraph of Section 8 is hereby further amended by striking out the phrase:- “before delivering the amendment to the state secretary for filing.”
15.Section 3 of Chapter 170, as amended by Chapter 482 of the Acts of 2014, is hereby amended by deleting the words “state secretary” in the first paragraph and inserting in place thereof:- “commissioner”.
16.Chapter 170 is hereby amended in section 8 by striking in the first sentence the words:- “in duplicate”.
17.Section 8 of Chapter 170, as so amended, is hereby further amended by striking the second paragraph and inserting in place thereof:- “The articles so signed shall be submitted to the commissioner, together with the proposed records of the corporation, who shall examine the same, and who may require such amendment thereof or such additional information as the commissioner may consider necessary. If the commissioner finds that the articles conform to the 4 preceding sections relative to the organization of the corporation and that section 6 has been complied with, the commissioner shall so certify and endorse his approval thereon. The commissioner shall file the articles in his office upon receipt of a fee, the amount of which shall be determined annually by the secretary of administration and finance pursuant to chapter 3B of section 7 and shall issue a certificate of incorporation in the following form:
COMMONWEALTH OF MASSACHUSETTS
Be it known that whereas (the names of the subscribers to the agreement of association) have associated themselves with the intention of forming a corporation under the name of (the name of the corporation), for the purpose (the purpose declared in the agreement of association), with a capital stock or surplus, as applicable, of (the amount fixed in the agreement of association), and have complied with the statutes of the commonwealth in such case made and provided, as appears from the articles of organization of said corporation, duly approved and recorded in this office: Now, therefore, I (the name of the commissioner), Commissioner of Banks of the commonwealth of Massachusetts, do hereby certify that said (the names of the subscribers to the agreement of association), their associates and successors, are legally organized and established as, and are hereby made, an existing corporation under the name of (name of the corporation), with the powers, rights and privileges, and subject to the limitations, duties and restrictions, which by the law appertain thereto.
Witness my official signature hereunto subscribed and the great seal of the commonwealth of Massachusetts hereunto affixed, this ____ day of ____ in the year ____ (the date of the filing of the articles of organization).”
18.Section 8 is hereby further amended by striking the words “state secretary” each time they appear in paragraph five and inserting in place thereof the word:- “commissioner”.
19.Section 8 is further amended by inserting in the last paragraph after the words “chapter 156D” the following phrase:- “except that the commissioner will perform all actions required to be performed by the state secretary and all filings required to be filed thereunder will be made with the commissioner.”
20. The last paragraph of Section 8 is further amended by striking the words:- “before delivering the amendment to the state secretary for filing”.
21.Chapter 172 of the General Laws, as amended by Chapter 482 of the Acts of 2014, is hereby amended in section 8 by striking in the first sentence the words:- “in duplicate”.
22.Chapter 172 of the General Laws, is hereby further amended by striking the second paragraph of Section 8 and inserting in place thereof the following:- “The articles so signed shall be submitted to the commissioner, together with the proposed records of the corporation, who shall examine the same, and who may require such amendment thereof or such additional information as the commissioner may consider necessary. If the commissioner finds that the articles conform to the 4 preceding sections relative to the organization of the corporation and that section 6 has been complied with, the commissioner shall so certify and endorse his approval thereon. The commissioner shall file the articles in his office upon receipt of a fee, the amount of which shall be determined annually by the secretary of administration and finance pursuant to chapter 3B of section 7 and shall issue a certificate of incorporation in the following form:
COMMONWEALTH OF MASSACHUSETTS
Be it known that whereas (the names of the subscribers to the agreement of association) have associated themselves with the intention of forming a corporation under the name of (the name of the corporation), for the purpose (the purpose declared in the agreement of association), with a capital stock of (the amount fixed in the agreement of association), and have complied with the statutes of the commonwealth in such case made and provided, as appears from the articles of organization of said corporation, duly approved and recorded in this office: Now, therefore, I (the name of the commissioner), Commissioner of Banks of the commonwealth of Massachusetts, do hereby certify that said (the names of the subscribers to the agreement of association), their associates and successors, are legally organized and established as, and are hereby made, an existing corporation under the name of (name of the corporation), with the powers, rights and privileges, and subject to the limitations, duties and restrictions, which by the law appertain thereto.
Witness my official signature hereunto subscribed and the great seal of the commonwealth of Massachusetts hereunto affixed, this____ day of ____ in the year ____ (the date of the filing of the articles of organization).”
23.Section 8 is hereby further amended by striking in the fifth paragraph the words “state secretary” each time they appear and inserting in place thereof the word:- “commissioner”.
24.Section 8 is hereby further amended by inserting in the last paragraph after the words “state secretary” the following phrase:- “except that the commissioner will perform all actions required to be performed by the state secretary and all filings required to be filed thereunder will be made with the commissioner.”
25.Section 9A of Chapter 172 is hereby further amended by striking in the third paragraph the words:- “the corporation shall file its articles of organization with the state secretary”