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General Laws

Section 25A. Such corporation may establish stock purchase plans, restricted stock purchase plans and stock grant plans for employees, officers and directors thereof, whether such director is an employee or non-employee of the corporation. Any such plan shall be subject to such terms and conditions as shall be approved by the board of directors of the corporation, by the holders of a majority of the stock thereof entitled to vote with respect thereto, and by the commissioner; provided, however, that any such plans established by a savings bank or a cooperative bank which has converted from mutual to stock form pursuant to section thirty-four C of chapter one hundred and sixty-eight and section twenty-six C of chapter one hundred and seventy, respectively, shall conform to regulations promulgated by federal bank regulatory agencies pursuant to 12 U.S.C. 1464 or other applicable law governing similar plans. In the absence of fraud, the sufficiency of consideration as so approved shall be conclusively presumed. Notwithstanding the provisions of subsection C of section twenty-four, stock may be issued for intangible property or services if permitted by the plan approved as provided in this section, without the approval of the specific form of such non-cash consideration by the commissioner.

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