Banking Emergencies S121 2013

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Note: S25 Banking Emergencies

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Page 3ALM Spec L ch. S25, § 1

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ANNOTATED LAWS OF MASSACHUSETTSCopyright © 2013 Matthew Bender & Company, Inc.,

a member of the LexisNexis GroupAll rights reserved

*** Current through Acts 9 of the 2013 Legislative Session ***

SPECIAL LAWS TITLE I BUSINESS AND FINANCE

Chapter S25 Banking Emergencies

GO TO MASSACHUSETTS CODE ARCHIVE DIRECTORY

ALM Spec L ch. S25, § 1 (2013)

§ 1. Proclamation of Emergency.

Whenever it shall appear to the governor that the welfare of the commonwealth or any section or territory thereof or the welfare and security of banking institutions under the supervision of the commissioner of banks, in this act referred to as banks, or their depositors so require, he may proclaim that a banking emergency exists and that any bank or banks shall be subject to special regulation as hereinafter provided until the governor, by proclamation, declares the period of such banking emergency terminated. The governor may likewise declare such legal bank holidays as in his judgment such an emergency may require.

HISTORY: 1933, 59, § 1.

NOTES: Cross References

Supervision of Banks, see ALM GL c 167 §§ 1, et al.

Page 5Page 5ALM Spec L ch. S25, § 2

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ALM Spec L ch. S25, § 2 (2013)

§ 2. Commissioner of Banks -- Emergency Powers.

During the period of any banking emergency so proclaimed, the commissioner of banks, hereinafter called the commissioner, in addition to all other powers conferred upon him by law, shall have authority to order any one or more banks to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of the deposits in any of the departments thereof as he may deem necessary or expedient and may further regulate payments therefrom as to time and amount, as in his opinion the interest of the public or of such bank orbanks or the depositors thereof may require, and any order or orders made by him hereunder may be amended, changed,extended or revoked, in whole or in part, whenever in his judgment circumstances warrant or require. After the termination of any such banking emergency, any such order may be continued in effect as to any particular bank or banks as aforesaid if in the judgment of the commissioner circumstances warrant or require and the governor approves.

HISTORY: 1933, 59, § 2.




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ALM Spec L ch. S25, § 3 (2013)

§ 3. Deposits.

The commissioner may by order authorize banks to receive new deposits, and such new deposits shall be special deposits and designated as new deposits, shall be segregated from all other deposits and may be invested only in assets approved by the commissioner as being sufficiently liquid to be available when needed to meet any demands on accountof such new deposits, which assets shall not be merged with other assets but shall be held in trust for the security and payment of such new deposits, except that income from such assets may to the extent authorized by the commissioner be used by the bank for other proper purposes of the institution; and the withdrawal of such new deposits shall not be subject in any respect to restriction or limitation under this act. The provisions of section fifty-four of chapter two hundred and sixty-six of the General Laws, as appearing in the Tercentenary Edition thereof, shall not apply in respect to the receipt of new deposits as aforesaid by any bank authorized by order to receive the same. The restrictions imposed in relation to new deposits so received by co-operative banks shall apply only to all classes and accounts referred to in section thirteen of chapter one hundred and seventy of the General Laws.

HISTORY: 1933, 59, § 3; 1950, 480, § 2.

NOTES: Editorial Note

For the subject matter of former ALM GL c 170, § 13, see 167D, §§ 4, 8, 9.

Cross References



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ALM Spec L ch. S25, § 4 (2013)

§ 4. Rules and Regulations; Penalties.

Whenever the commissioner shall make any order hereunder, he may adopt such rules and regulations as he may deem proper for the protection of any bank or banks subject thereto or the depositors thereof, and any person violating any provision of such a rule or regulation shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both.

HISTORY: 1933, 59, § 4.




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ALM Spec L ch. S25, § 5 (2013)

§ 5. Asset Valuation.

In determining action to be taken under this act or under section twenty-two of chapter one hundred and sixty-seven of the General Laws, as appearing in the Tercentenary Edition thereof, the commissioner may place such fair value on the assets of any bank as in his discretion seems proper under the conditions prevailing and circumstances relating thereto.

HISTORY: 1933, 59, § 5.




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ALM Spec L ch. S25, § 6 (2013)

§ 6. Assessment of Costs.

Any costs and expenses incurred by the commissioner in the exercise of the powers given under this act may be assessed by him against the banks concerned and, when so assessed, shall be paid by such banks.

HISTORY: 1933, 59, § 6.




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ALM Spec L ch. S25, § 7 (2013)

§ 7. Severability.

If any provision of this act is held invalid by any court of final jurisdiction, no other provisions shall be affected by such decision but the same shall remain in full effect. The right to amend or repeal any provision of this act is hereby reserved by the general court.

HISTORY: 1933, 59, § 7.



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