Worcester County National Bank v. Commissioner of Banks

For many years prior to January 12, 1959, the capital stock of Worcester County Trust Company, a Massachusetts trust company, was a legal investment for Massachusetts savings banks under G. L. c. 168, § 54, as amended, now § 47 as appearing in St. 1955, c. 432, § 1. On that date Worcester County Trust Company converted into a national banking association under the name of Worcester County National Bank, which is the plaintiff. G. L. c. 172, § 44, as amended. U. S. Rev. Stat. (1875) § 5154, 12 U. S. C. (1958) § 35. Thereafter the defendant Commissioner of Banks has taken the position that "the…