Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
Whenever any officer of a bank, including a director or trustee, or other person participating in the conduct of the affairs of such bank, is charged in any information, indictment or complaint with the commission or participation in a crime involving a breach of trust which is punishable by imprisonment for a term exceeding one year under state or federal law, the commissioner may, if in his opinion continued service or participation by the individual may pose a threat to the interests of the bank's depositors or may threaten to impair public confidence in the bank, by written notice served upon such individual, suspend him from office or prohibit him from further participation in any manner in the conduct of the affairs of the bank. A copy of such notice shall be served upon the bank. Such suspension or prohibition shall remain in effect until such information, indictment or complaint is finally disposed of or until terminated by the commissioner. In the event that a judgment of conviction with respect to such crime is entered against such officer or other person, and at such time as such judgment is not subject to further appellate review, the commissioner may, if he deems that continued service or participation by the individual may pose a threat to the interest of the bank's depositors or may threaten to impair public confidence in the bank, issue and serve upon such officer or other person, an order removing him from office or prohibiting him from further participation in any manner in the conduct of the affairs of the bank without the consent of the commissioner. A copy of such order shall also be served upon such bank whereupon such officer shall cease to be an officer of such bank. A finding of not guilty or other disposition of the charge shall not preclude the commissioner from thereafter instituting proceedings to remove such officer or other person from office or to prohibit further participation in bank affairs, pursuant to section twelve.
Cite this article: FindLaw.com - Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 167, § 12A - last updated January 01, 2023 | https://codes.findlaw.com/ma/part-i-administration-of-the-government-ch-1-182/ma-gen-laws-ch-167-sect-12a/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)