Massachusetts General Laws ch. 167 sec. 1 – Definitions
Section 1. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:—
Terms Used In Massachusetts General Laws ch. 167 sec. 1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
”Bank”, any association or corporation chartered by the commonwealth under chapter 168, 170, 171 or 172, or an individual, association, partnership or corporation incorporated or doing a banking business in the commonwealth subject to the supervision of the commissioner.
”Commissioner”, the commissioner of banks.
”Cooperative bank”, an association or corporation chartered pursuant to chapter 170.
”Credit union”, an association or corporation chartered pursuant to chapter 171.
”Federal bank”, a national banking association, savings and loan association or savings bank that exists by authority of the United States, the main office of which is located in the commonwealth.
”Federal branch”, a branch in the commonwealth of any out-of-state federal bank.
”Foreign bank”, an association or corporation authorized to do a banking business the main office of which is located outside the commonwealth and which exists by authority of a country other than the United States.
”Internet bank”, a bank, federal bank, foreign bank or out-of-state bank that provides its services exclusively or primarily through the internet.
”Limited purpose trust company”, an association or corporation chartered pursuant to section 9A of chapter 172.
”Massachusetts bank”, a bank, other than an association or corporation chartered pursuant to chapter 171.
”Massachusetts branch”, a branch in the commonwealth of an out-of-state bank.
”Out-of-state bank”, an association or corporation authorized to do a banking business, the main office of which is located outside the commonwealth and which exists by authority of a state of the United States except the commonwealth.
”Out-of-state branch”, a branch of a Massachusetts bank located outside the commonwealth.
”Out-of-state federal bank”, a national banking association, savings and loan association or savings bank that exists by authority of the United States, the main office of which is located outside the commonwealth.
”Savings bank”, an association or corporation chartered pursuant to chapter 168.
”State”, a state, commonwealth or territory of the United States, the District of Columbia, or a foreign country.
”Trust company”, an association or corporation chartered pursuant to chapter 172.