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April 27, 2024 Clear | 43°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 42: Insolvent foreign or out-of-state banks; injunction

Section 42. If, upon examination, it appears that any such foreign bank or out-of-state bank is insolvent, or that its capital is impaired, or that its condition is such as to render the continuance of business hazardous to the public or to those having funds in its custody, the commissioner shall apply, or if any such bank appears to have exceeded its powers or failed to comply with any provision of applicable law, may apply to the supreme judicial court, which shall have jurisdiction in equity on such application, to issue an injunction restraining any such bank, in whole or in part, from further proceeding with its business, and to make further orders or decrees as justice and equity may require. The court may appoint one or more receivers to take possession of its property and effects, subject to such directions as may from time to time be prescribed by the court.