Section 19. Such corporation may establish stock purchase plans, restricted stock purchase plans and stock grant plans for employees, officers and directors thereof, whether such director is an employee or non-employee of the corporation. Any such plan shall be subject to such terms and conditions as shall be approved by the board of directors of the bank, by the holders of a majority of the stock thereof entitled to vote with respect thereto and by the commissioner. In the absence of fraud, the sufficiency of consideration as so approved shall be conclusively presumed. Notwithstanding paragraph (C) of section 14, stock may be issued for intangible property or services if permitted by the plan approved as provided in this section, without the approval of the specific form of such non-cash consideration by the commissioner.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 167j - Corporate Governance Provisions and Requirements
Section 2 - Bond of Officers and Employees of Bank
Section 3 - Duties of Treasurer of Bank Under Other Provisions of Law
Section 4 - Misconduct of Officer, Director, Agent or Employee of Bank
Section 5 - Fee, Commission, Gift or Other Consideration in Connection With Business of Corporation
Section 6 - Penalty for Violations of Secs. 5 or 10
Section 7 - Payment of Interest on Deposit Accounts
Section 9 - Annual Statement of Condition of Bank
Section 10 - Loans or Extensions of Credit to Officer, Director or Trustee of Bank
Section 12 - Audit of Balance Sheet and Other Financial Statements of Mutual Bank
Section 13 - Maintenance of Capital and Surplus or Surplus Account Deemed Adequately Capitalized
Section 14 - Capital Stock of Stock Corporation
Section 16 - Determination of Record Date of Right to Notice of and to Vote at Stockholder's Meeting
Section 17 - Declaration of Dividends