Chap. 0044 An Act relative to the penalty for unauthorized banking and for refusal to submit to examination by the bank commissioner.

Be it enacted, etc., as follows:
Section 1. Section seventeen of chapter five hundred and ninety of the acts of nineteen hundred and eight, as amended by chapter four hundred and seventy of the acts of nineteen hundred and fourteen, is hereby further amended by striking out the words "does a banking business or", in the fourth line, by inserting after the word "banking", in the fifth and sixth lines, the words: - "banker", "bankers", - by inserting after the word "association", in the tenth line, the words: - refusing to allow such examination to be made or, - by inserting after the word "such", in the thirteenth line, the words: - refusal or,-and by inserting after the word "of", in the fourteenth line, the words: - this section or of, -so as to read as follows: - Section 17. The commissioner or his deputy or examiners shall have authority to examine the accounts, books and papers of any corporation, person, partnership or association which makes a business of receiving monev on deposit, or which has the words "bank", "banking"/"banker", "bankers", or "trust" in the name under which its business is conducted, in order to ascertain whether such corporation, person, partnership or association has violated or is violating any provision of section sixteen; and any corporation, person, partnership or association refusing to allow such examination to be made or violating any provision of section sixteen shall forfeit to the commonwealth one hundred dollars a day for every day or part thereof during which such refusal or violation continues. Any violation of the provisions of this section or of section sixteen shall forthwith be reported by the commissioner to the attorney-general. The said forfeiture may be recovered by an information or other appropriate proceeding brought in the supreme judicial court or superior court in the name of the attorney-general. Upon such information or other proceeding the court may issue an injunction restraining such corporation, person, partnership or association from further prosecution of its business within the commonwealth during the pendency of such proceeding or for all time, and may
make such other order or decree as equity and justice may require.
Section 2.   This act shall take effect upon its passage.
Approved March 6, 1918.