Section 43A Certificate authorizing out-of-state bank to act as fiduciary; applicable law - Massachusetts Statutes

Section 43A. The commissioner may, subject to such conditions as he may prescribe, grant to an out-of-state bank or an out-of-state federal bank a certificate authorizing it to act in a fiduciary capacity under the provisions, so far as applicable, of chapter one hundred and sixty-seven G; provided, however, that such out-of-state bank is authorized so to act by the laws of the jurisdiction where its principal office is located; and provided, further, that the laws of such jurisdiction, as determined by the commissioner, grant a similar privilege or privileges to Massachusetts banks. Any such out-of-state bank holding a certificate as aforesaid and appointed a fiduciary shall be subject to the provisions of General Laws with respect to the appointment of agents by out-of-state bank fiduciaries and to the same taxes, obligations and penalties, with respect to its activities as such fiduciary and the property held by it in its fiduciary capacity, as Massachusetts banks, and no such certificate shall be issued to any such out-of-state bank until it has filed with said board of bank incorporation an agreement in writing in which it binds itself to perform said obligations and pay any such taxes and penalties as aforesaid as may be levied or imposed upon it in this commonwealth. Such an out-of-state bank, to the extent only that it acts as fiduciary as hereinbefore authorized, shall not be deemed to transact business in the commonwealth for the purposes of sections thirty-eight to forty-two, inclusive.