AN ACT RELATIVE TO THE DECLARATION OF NONCASH DIVIDENDS BY TRUST COMPANIES.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The first paragraph of section 28
of chapter 172 of the General Laws, as
appearing in the 2000
Edition, is hereby amended by striking out the first sentence and inserting in
place thereof the following sentence:- The board of directors may
declare from net profits cash dividends annually, semi-annually or
quarterly, but not more frequently, and noncash dividends at any time.