Section 10 Directors or officers serving in same capacity for other financial institutions - Massachusetts Statutes

Section 10. No person shall be a director or other officer of two co-operative banks at the same time, except in the case of the purchase of assets and the assumption of liabilities pursuant to the provisions of section twenty-four. After January first, nineteen hundred and seventy-five, a director or other officer of a co-operative bank may, at the same time, serve as a trustee, director or other officer of a savings bank, credit union, state or federally chartered savings and loan association, trust company, a bank holding company or any affiliate, or national banking association if, in such case, there is in force a permit therefor issued by the commissioner, in writing, with the reasons thereon stating why the public interest warrants its issuance, after reasonable notice and an opportunity to be heard, who is hereby authorized to issue such permit if, in his judgment, it is not incompatible with the public interest, and to revoke any such permit whenever he finds, after reasonable notice and opportunity to be heard, that the public interest warrants its revocation except that the provisions of this section shall not apply to any director or officer who held such position at the time of incorporation of said co-operative bank. Any person serving as a director or other officer of a co-operative bank may at the same time serve as a director or other officer of a trust company that does not make real estate mortgage loans and does not accept savings deposits from natural persons.