AN ACT RELATIVE TO THE DECLARATION OF NONCASH DIVIDENDS BY TRUST COMPANIES.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
The first paragraph of section 28 of chapter 172 of the General Laws, as appearing in the 2000 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- The board of directors may declare from net profits cash dividends annually, semi-annually or quarterly, but not more frequently, and noncash dividends at any time.