Section 37A. The commissioner or his examiners may examine the accounts, books and papers of any corporation, person, partnership or association he or his examiners believe is violating the preceding section or who is making a business of receiving money on deposit, or which has the word ''bank'', ''banking'', ''banker'', ''bankers'', or ''trust'', or any word in a foreign language having the same or similar meaning, in the name under which its business is conducted, in order to ascertain whether such corporation, person, partnership or association has violated or is violating any provision of the preceding section; any corporations, person, partnership or association refusing to allow such examination or violating any provision of said section shall forfeit to the commonwealth one hundred
Free access — add to your briefcase to read the full text and ask questions with AI
Section 37A. The commissioner or his examiners may examine the accounts, books and papers of any corporation, person, partnership or association he or his examiners believe is violating the preceding section or who is making a business of receiving money on deposit, or which has the word ''bank'', ''banking'', ''banker'', ''bankers'', or ''trust'', or any word in a foreign language having the same or similar meaning, in the name under which its business is conducted, in order to ascertain whether such corporation, person, partnership or association has violated or is violating any provision of the preceding section; any corporations, person, partnership or association refusing to allow such examination or violating any provision of said section shall forfeit to the commonwealth one hundred dollars a day for every day or part thereof during which such refusal or violation continues. Any violation of this or the preceding section shall forthwith be reported by the commissioner to the attorney general. The said forfeiture may be recovered by any information or other appropriate proceeding brought in the supreme judicial or superior court in the name of the attorney general. Upon such information or other proceeding the court may issue an injunction restraining such corporation, person, partnership or association from further prosecution of its business within the commonwealth during the pendency of such proceeding or for all time, and may make such other orders or decrees as equity and justice may require.Any corporation, person, partnership, or association found by the commissioner to be violating or to have violated this or section twelve shall bear the expenses of the examination made by the commissioner, including the actual cost thereof and such additional sum for the overhead expenses of the division of banks and loan agencies as the commissioner shall determine to be attributable to such examination to be recovered in an action of contract brought by the attorney general in behalf of the commonwealth.