Massachusetts Statutes

Section 26. Annually, not more than 30 days after the last business day of December, a credit union shall make a report to the commissioner in such form as the commissioner may prescribe accurately showing its condition at the close of business on that day and containing such oth…

Section 27. Each such corporation shall prepare a balance sheet, in accordance with generally accepted accounting principles, which presents fairly its condition as of the last business day of its fiscal year. A copy of said balance sheet shall be made available to a depositor up…

Section 28. Each credit union shall preserve all of its records of original and final entry, including cancelled checks and withdrawal and deposit slips, for a period of at least six years from the date of making the same or from the date of the last entry thereof. Such records s…

Section 29. The capital of a credit union shall be unlimited in amount and shall consist of shares and deposits. Shares shall be of a par value of not less than five dollars but not more than twenty-five dollars each and shall be subscribed and paid for in such manner as the by-l…

Section 3. A notice of the intention of the subscribers to form such a credit union shall be given to the commissioner. Credit unions shall be organized under the provisions of sections two to six, inclusive, after such notice and hearing, if any, as the commissioner may require.…

Section 30. Every member of a credit union shall hold 1 share and may hold shares or make deposits, or both, therein, in his own name and he may jointly, with one or more persons, hold shares or make deposits, or both. An organizational member may purchase shares or make deposits…

Section 31. A credit union may authorize accounts that would allow withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. Such accounts shall be designated as negotiable withdrawal order accounts. Said accounts shall be subject…

Section 31A. A credit union may execute and deliver for a member such guarantees as may be incidental or usual in the transfer of investment securities.

Section 32. A share or deposit authorized by section 30 may, if the directors of the credit union so determine, be received as a term share or deposit, subject to this section. Notwithstanding any prior provisions of the law to the contrary, any such shares or deposits shall be r…

Section 32A. Notwithstanding any general or special law to the contrary, a credit union may accept a funeral trust account, as defined in regulations promulgated by the board of registration in embalming and funeral directing.

Section 32B. A natural person not more than 18 years of age or not less than 65 years of age may choose 1 demand deposit account and 1 savings account upon which no service, maintenance or other similar charge shall be imposed; provided, however, that any such demand deposit acco…

Section 35. A credit union may act as trustee or custodian under a profit-sharing plan instituted by a person, partnership or corporation within the meaning of section 401(a) of the Internal Revenue Code of 1954 including the provisions of P.L. 94–455. A credit union may act as t…

Section 36. Any designation of any beneficiary in connection with and as provided by an instrument intended to establish a pension, profit-sharing or other deferred compensation or retirement plan, trust or custodial account described in one or more of the following sections of t…

Section 37. A credit union may receive shares or deposits, under the terms of a written plan approved by the commissioner, from any labor union, association, trust, public utility, partnership, corporation, college, university, insurance company, charity, any city, town, county o…

Section 38. Any credit union may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section fifteen B of chapter one hundred and eighty-six. Such account may be esta…

Section 39. Shares and deposits may be received and held in the name of a member with one or more persons as joint tenants, payable to such member or his survivors, and any part or all of the shares or deposits and dividends or interest represented by joint accounts may be withdr…

Section 4. The first meeting of the incorporators shall be called by a notice signed either by the incorporator who is designated in the agreement for the purpose or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. Not l…

Section 40. Subject to the foregoing limitations in respect to shares and deposits and requirements relative to notice, shares may be subscribed for and deposits may be accepted in the name of one or two persons in trust for another provided the name and residence of the benefici…

Section 41. Shares may be issued and deposits received in the name of a minor, and such shares and deposits may, subject to the policy of the credit union, be withdrawn by such minor or by his parent or guardian and, in either case, payment made on such withdrawals shall be valid…

Section 41A. No credit union shall assess any fee, charge or other assessment against any account, established for personal, family or household purposes, of a depositor or shareholder who, as the payee of a check, draft or money order, of which the payee is not also the maker, d…

Section 42. Deposits or shares standing in the individual name of a deceased depositor or shareholder shall, except as otherwise provided in this chapter, be paid to his legal representative; but if the total of the deposits and shares does not exceed $10,000 and there has been n…

Section 43. A credit union may require from a shareholder or depositor ninety days' notice of his intention to withdraw any or all of his shares and sixty days' notice of his intention to withdraw any or all of his deposits.

Section 46. When a passbook or other instrument as evidence of a shareholder's or a depositor's account issued by any credit union has been lost, stolen or destroyed, the person in whose name it was issued, or in the case of a joint account, by the joint owners thereof may make w…

Section 47. Any agreement between a depositor or shareholder and any credit union which exculpates such credit union when an account, or any part thereof, is paid by such credit union to a person unlawfully presenting a passbook, or other instrument as evidence of such account is…

Section 48. A person indebted to a credit union may, when proceeded against for the collection of such indebtedness or for the enforcement of any security therefor, set off or recoup the amount of a deposit or shares in such credit union held and owned by him at the time of the c…

Section 49. Whenever a credit union, as a consequence of a default of a debt owed to said credit union by a depositor or shareholder, makes a transfer of funds of such depositor or shareholder to reduce or extinguish said debt, such depositor or shareholder shall be notified fort…

Section 5. The clerk or secretary and a majority of the directors elected at such first meeting shall make and sign, under penalties of perjury, articles of organization in duplicate, setting forth: (a) a true copy of the agreement of association, the names of the subscribers the…

Section 50. In the event that any shares or accounts which are pledged as security for any loan are sold, forfeited, transferred, assigned or credited for the non-performance of the conditions of such loan or on the foreclosure thereof or for any other lawful purpose, a duly auth…

Section 51. No credit union shall be required to recognize an adverse claim to shares or a deposit standing on its books to the credit of or for the account of any person, except by virtue of the service upon it of appropriate process issued by a court of competent jurisdiction i…

Section 52. The supreme judicial court or any justice thereof sitting in equity may, on petition of a credit union or the board of the credit union, approved by the commissioner, approve or order a reduction of the account of each shareholder or depositor therein whenever the val…

Section 53. For the purposes of this section, the following terms shall have the following meanings:— ''Account'', a (i) share, share certificate or share draft account of a member of a credit union or a nonmember served by a credit union serving predominantly low-income members,…

Section 57. The capital, deposits and surplus of a credit union shall be invested in loans to members, with approval of the credit committee, as provided in section seventeen and, when so required herein, of the board of directors. All applications for loans shall be made in writ…

Section 58. The total liabilities to a credit union of a member for money borrowed under this chapter shall not at any one time exceed twenty percent of the sum of loan reserve, investment reserve, undivided earnings and any other surplus accounts of such credit union or ten thou…

Section 6. If it appears that all requirements of law have been complied with, that the credit union will have its shares and deposits insured by a federal agency and that the qualifications of the personnel are satisfactory, the commissioner, shall, if satisfied that the propose…

Section 63. A credit union may make loans to aid and assist students to fulfill a program of higher education as provided herein. Any student who has not attained the age of eighteen and has been admitted to an institution of higher learning or attends such an institution shall h…

Section 65. As used in sections 65 to 65E, inclusive, the following words shall, unless the context otherwise requires, have the following meanings:— ''Commissioner'', the commissioner of banks. ''Loan'', a loan or line of credit, whether secured by collateral or security of any …

Section 65A. (a) Credit unions may make or acquire loans and mortgage loans as specified in sections 65 to 65E, inclusive. A credit union may also subsequently revise or modify any terms or conditions of such loans subject to agreement of the parties. (b) The following categories…

Section 65B. (a) A credit union shall inspect the real estate securing a loan in the event that a payment of interest or principal upon the loan or on account of real estate taxes upon the parcel mortgaged to secure the same shall be in default. Inspection for the purpose aforesa…

Section 65C. (a) A credit union may make or acquire a reverse mortgage loan, pursuant to any program for reverse mortgage loans which has been submitted to and approved by the commissioner, to the owner of real estate improved with a dwelling designed to be occupied by not more t…

Section 65D. (a) Any credit union may make or acquire mortgage loans evidenced by a note which provides for variation in the rate of interest over the term of the note, but a loan made to finance or refinance the purchase of and secured by a first lien on a dwelling house of 4 or…

Section 65E. A credit union shall have the following powers and any further incidental or complementary powers that may fairly be implied from those expressly conferred and such as are reasonably necessary to enable the credit union to exercise fully those powers according to com…

Section 66. Prior to making mortgage loans on real estate pursuant to sections 65 to 65E, inclusive, a credit union shall require a person obligated from time to time to make payments under a mortgage, whether as the original borrower or as a subsequent owner of a mortgaged prope…

Section 67. A credit union may make the following investments: (a) in the shares of the Central Credit Union Fund, Incorporated, as authorized by section three of chapter two hundred and sixteen of the acts of nineteen hundred and thirty-two; (b) in the shares of any federally ch…

Section 67A. A credit union may, by vote of its board of directors, obtain membership in certain organizations and may make contributions and subscribe for services subject to the conditions and requirements of this section. (1) A credit union may become a member of any associati…