NCSL Logo 2018 Online Democracy Award Winner
Skip to Content
The 191st General Court of the Commonwealth of Massachusetts

Section 10: Loans or extensions of credit to officer, director or trustee of bank

Section 10. An officer, director or trustee of a bank, except as provided in this section, shall not borrow from or otherwise become indebted to the bank of which the individual is an officer, director or trustee and a bank, except as provided in this section, shall not make a loan or extend credit in any other manner to any of its officers, directors or trustees. An officer, director or trustee of a bank may borrow and a bank may make a loan or extend credit to its officers, directors or trustees subject to the terms and conditions set forth in clause (6) of section 2I of chapter 167.