§ 6 — Establishment of branch by bank through merger or consolidation with or purchase of foreign, out-of-state or out-of-state federal bank

Massachusetts § 6

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 167C: BANK LOCATIONS

Text

Section 6. A bank, upon approval by the commissioner of an application therefor in prescribed manner and form and in accordance with applicable law, may establish and maintain branches through a merger or consolidation with or by the purchase of the whole or any part of the assets or stock of a foreign bank, out-of-state bank or out-of-state federal bank. A request for the approval by the commissioner shall be accompanied by an investigation fee the amount of which shall be determined annually by the secretary of administration and finance pursuant to section 3B of chapter 7.The offices of a foreign bank, out-of-state bank or out-of-state federal bank merged or consolidated with or whose assets or stock were purchased pursuant to this section, may be maintained as branch offices of the bank; provided, however, the resulting branch outside the commonwealth shall be considered to be an out-of-state branch and subject to the supervision of the commissioner and the applicable laws of the jurisdiction in which the out-of-state branch is located.