Section 19 Director or officer serving in same capacity for other financial institutions - Massachusetts Statutes

Section 19. After January first, nineteen hundred and seventy-five, a director or other officer of a trust company may at the same time be a director, trustee or other officer of a savings bank, co-operative bank or credit union, state or federally chartered savings and loan association, trust company, 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 other officer who held such position at the incorporation of said trust company. Any person serving 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, may at the same time serve as a director, corporator, trustee or other officer of a savings bank, co-operative bank, state or federally chartered savings and loan association, or national banking association.

Notwithstanding the provisions of this section, a director, officer or employee of a trust company may at the same time be a director, officer or employee of a banking institution if such trust company and banking institution are affiliates of the same bank holding company. For the purposes of this section, the terms “banking institution” and “affiliate” shall have the same meanings as set forth in section one of chapter one hundred and sixty-seven A.