Massachusetts General Laws ch. 170 sec. 1 – Definitions
Section 1. (a) As used in sections 1 to 9, inclusive, the words ”board” or ”board of bank incorporation” shall, unless the context clearly requires otherwise, mean a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer.
Terms Used In Massachusetts General Laws ch. 170 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.
(b) As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
”Capital stock”, the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.
”Commissioner”, the commissioner of banks.
”Corporation” or ”bank”, a co-operative bank incorporated as such in this commonwealth.
”Incorporators”, subscribers to the agreement of association for the purpose of forming a co-operative bank under this chapter.
”Mutual bank”, a co-operative bank incorporated as such in the commonwealth in mutual form.
”Shareholder” or ”member”, a depositor or holder of any shares or accounts referred to in chapter 167D.
”Shareholders’ meeting” or ”meeting of shareholders”, any annual or special meeting of members of the corporation entitled to vote.
”Stock bank”, a co-operative bank incorporated as such in the commonwealth in stock form which has been chartered or reorganized or converted to a stockholder form of corporation.
”Surplus account”, an account so designated on the books of a stock co-operative bank and consisting of such amounts as shall be required by law or shall be transferred thereto by vote of the board of directors.