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The 191st General Court of the Commonwealth of Massachusetts

Section 2H: Notice to commissioner of activity or investment of savings bank, co-operative bank or trust company; waiver or extension of notice period

Section 2H. Notwithstanding any general or special law to the contrary, a savings bank, co-operative bank or a trust company may engage in any activity or invest in any products or services which are related or incidental to banking, are not prohibited by law and do not pose a substantial risk to the safety and soundness of the savings bank, co-operative bank or a trust company with 30 days notice to the commissioner. Upon the expiration of the notice period, the bank may engage in any such activity or invest in any such products or services. At the time of the notice or at any time the notice is pending, the bank may request that the commissioner waive the remaining notice period. During the notice period, the commissioner may extend the notice period for 30 days for additional review. During such extended period, the commissioner may: make no comment, which would allow the bank to proceed at the end of the period; subject the bank's activity or investment to such terms and conditions as the commissioner may impose; or deny the bank to proceed with any such activity or investment.