Massachusetts General Laws ch. 167J sec. 9 – Annual statement of condition of bank
Section 9. Each bank shall, annually, within 30 days after the last business day of December, make a report to the commissioner in such form as the commissioner may prescribe showing accurately its condition at the close of business on that day and containing such other information as the commissioner may require. A statement of condition of a bank shall be available for examination for reasonable purposes by stockholders or their authorized agents at the principal office during business hours.
Terms Used In Massachusetts General Laws ch. 167J sec. 9
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Each such corporation shall prepare a balance sheet, in accordance with generally accepted accounting principles, which presents fairly its condition as of the last business day of its fiscal year. A copy of a statement of condition shall be made available to a depositor upon request.