By Representative Golden of Lowell and Senator Panagiotakos, joint petition (accompanied by bill, House, No. 965) of Thomas A. Golden, Jr., and others relative to the supervision of limited purpose trust companies by the Commissioner of Banks.  Financial Services.

The Commonwealth of Massachusetts

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PETITION OF:

Thomas A. Golden, Jr.

Steven C. Panagiotakos

Kevin J. Murphy

David M. Nangle

Patrick M. Natale

Alice K. Wolf

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In the Year Two Thousand and Seven.

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An Act to clarify the law relative to the supervision of limited purpose trust companies by the commissioner of banks.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.Section 9A of chapter 172 of the General Laws is hereby amended by striking out  the provision at the end of the first paragraph and inserting in place thereof the following words:-

provided, further, that the provisions of this section shall not apply to an attorney licensed to practice law in the commonwealth or any person exercising trust or fiduciary powers in the commonwealth under any lawful authority.