Massachusetts Statutes

Section 6B. (a) For the purposes of this section, the term ''savings promotion raffle'' shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other …

Section 7. No person, partnership or association, and no corporation, except one incorporated under this chapter or corresponding provisions of earlier laws or the Federal Credit Union Act or one incorporated as a credit union under the laws of any other state and authorized to d…

Section 70. A credit union shall maintain a reserve for loses on investments equal to five percent of the difference between the book value and the market value of all investments mentioned in section sixty-seven excluding those investments which are included in the liquidity res…

Section 71. At least five percent of the total assets of a credit union shall be carried as cash on hand or in the following investments which shall be the absolute property and shall be under the control of the credit union or be held by book entry procedure when required. Whene…

Section 72. The by-laws of a credit union may provide that upon the death of a member who is a borrower by means of a personal loan upon his note, whether or not there are any endorsers or co-makers thereon, but otherwise unsecured, the liability upon such loan shall cease with r…

Section 73. The board of directors may borrow money for and on behalf of the credit union. The board may, if the credit union has a deposit or share account, borrow money for and on behalf of the credit union from a savings bank, cooperative bank, federal savings and loan associa…

Section 74. A credit union by a vote of its directors may sell, transfer and assign any and all of its loans, investments or other assets; provided, however, that (a) where loans are sold with recourse, a loan reserve shall be established consistent with the applicable provisions…

Section 75. (a) A well capitalized or adequately capitalized credit union, as defined in 12 C.F.R. 702.102, may invest, for the convenient transactions of its business, in the aggregate, in any fixed assets in an amount not to exceed 5 per cent of the credit union's shares and re…

Section 75A. A credit union may, with the approval of the commissioner, act as agent or broker for The Savings Bank Life Insurance Company of Massachusetts pursuant to section four of chapter one hundred and seventy-eight A.

Section 75B. (a) For purposes of this section, the word ''company'' shall mean an insurance company licensed pursuant to chapter 175 and the word ''affiliate'' shall mean a credit union service organization as established pursuant to 12 U.S.C. section 1786a(e)(1) or by section 6A…

Section 76. A credit union may, with the approval of the commissioner, become a regular member of the National Credit Union Administration Central Liquidity Facility, established by 12 USC 1795b and may invest in the shares of the National Credit Union Administration Central Liqu…

Section 77. A credit union may arrange to have its shares and deposits insured by the Massachusetts Credit Union Share Insurance Corporation. A credit union may arrange with the National Credit Union Administration for the insurance of its shares and deposits pursuant to the Fede…

Section 78. Any two or more credit unions may consolidate into a single corporation on such terms as shall have been agreed upon by a vote of two-thirds of the board of directors of each corporation, and as shall have been approved in writing by the commissioner; provided, howeve…

Section 78A. Any 1 or more credit unions may merge or consolidate with 1 or more savings banks, as defined in section 1 of chapter 168, or 1 or more co-operative banks, as defined in section 1 of chapter 170, or 1 or more subsidiary banking institutions, as defined in section 1 o…

Section 79. If the commissioner has taken possession of a credit union as provided for in sections 22 to 26, inclusive, of chapter 167 or a credit union is in the possession of the Massachusetts Share Insurance Corporation and it is determined by the commissioner and the insurer …

Section 8. The location of the main office of a credit union may be changed with the written consent of the commissioner. After such notice and hearing as the commissioner may require and with the commissioner's written permission and under such conditions as the commissioner may…

Section 80. Any credit union operating under a charter other than one issued by the commonwealth and having a usual place of business therein may, if authorized by a vote of at least a majority of its members present and voting at a meeting specially called for that purpose, make…

Section 80A. (a) A credit union subject to this section may convert into a mutual savings bank governed by chapter 168, a mutual co-operative bank governed by chapter 170, a mutual federal savings bank or a mutual federal savings and loans association which exist under authority …

Section 80B. (a) A credit union chartered in the commonwealth may convert, subject to this section, into a credit union chartered under applicable federal law and regulations upon the affirmative vote of a majority of the members of the credit union voting on the proposal. (b) Th…

Section 81. At any regular or special meeting, if proper notice of the purpose has been given, the members, upon recommendation of not less than two-thirds of the board of directors, may, by a majority vote of those present and entitled to vote, vote to liquidate the credit union…

Section 82. (a) For the purposes of this section and sections 83 and 84, the following terms shall, unless the context clearly requires otherwise, have the following meanings: ''Association'', the Credit Union Employees Retirement Association formed pursuant to this section. ''Cr…

Section 83. The by-laws of the association shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the association may be conducted and the manner in which its funds may be invested and paid out. The association shall b…

Section 84. The property of the association, the portion of the compensation of any employee deducted or to be deducted under sections eighty-two and eighty-three, the right of an employee to an annuity or pension and all his rights in the funds of the association, shall be exemp…

Section 8A. For the purposes of this section, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Electronic branch'', an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate …

Section 8B. A credit union, federal credit union or out-of-state federal credit union with a branch office in the commonwealth may establish educational credit union training programs, student savings deposit programs and school branch office programs. A credit union, federal cre…

Section 8C. A foreign credit union or out-of-state federal credit union, if such credit union does not operate a branch in the commonwealth, may establish and maintain a new branch in the commonwealth; provided, however, that the credit union submits an application in the manner …

Section 8D. The commissioner shall, in the manner prescribed in section 2 of chapter 167, examine any foreign credit union or out-of-state federal credit union that operates a branch in the commonwealth and shall inspect and examine the affairs of such a credit union, to the exte…

Section 8E. Each foreign credit union or out-of-state federal credit union that operates a branch in the commonwealth shall register with the commissioner on forms prescribed by the commissioner which shall include information regarding the financial condition, operations and man…

Section 8F. If, upon examination, it appears that a foreign credit union or out-of-state federal credit union is insolvent, or that its capital is impaired, or that its condition is such as to render the continuance of business hazardous to the public or to those having funds in …

Section 9. The shareholders of every such corporation shall make and adopt by-laws, consistent with law, for the government of its affairs. The by-laws shall provide for and determine: (a) The name of the corporation. (b) The purposes for which it is formed. (c) The condition of …

Section 1. (a) As used in sections 1 to 9, inclusive, of this chapter the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean a board consisting of the commissioner of banks, the commissioner of revenue and the state treas…

Section 10. Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. The corporation may also establish regulations controlling t…

Section 11. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid, and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in …

Section 12. The business of such corporation shall be managed by a board of not less than 7 nor more than 25 directors. A majority of the directors shall be citizens of the commonwealth and residents therein; provided, however, upon application in writing by a bank engaged in a g…

Section 13. The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose. The president shall be elected by and from the board of directors and shall be chairman thereof unless the board designates a direc…

Section 14. Subsection (a) to (e), inclusive, shall apply to meetings of the board and its committees. (a) The board of directors shall meet at intervals, not less frequent than quarterly; provided, however, upon application in writing by the corporation, the commissioner may wai…

Section 2. A trust company shall have all the powers expressly granted by law and whatever further incidental powers may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common or accept…

Section 3. No person, other than a trust company, shall use the words ''trust company'', even though said words may be separated by 1 or more other words, as part of the person's or its name or in any representation describing the person's or its business, powers, services or fun…

Section 4. A trust company shall upon its incorporation have such capital structure as the board of bank incorporation shall deem adequate. Such capital structure may vary by the board based on the application and business plan submitted.

Section 5. Fifteen or more individuals who associate themselves by a written agreement to form a trust company may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilitie…

Section 6. A notice of the intention of the subscribers to form such a trust company shall be given to the board of bank incorporation. A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers desi…

Section 7. The first meeting of the incorporators shall be called by a notice signed either by that 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. A c…

Section 8. The president, clerk or secretary and a majority of the directors as applicable elected at such first meeting shall make and sign under penalties of perjury articles of organization in duplicate, setting forth: (1) a true copy of the agreement of association, the names…

Section 9. When all the capital stock has been issued, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be v…

Section 9A. After notice of intent, application and hearing as the commissioner may require and with the commissioner's written permission and under conditions the commissioner may impose, the commissioner may, if satisfied that public convenience and advantage will be promoted a…

Section 1. This chapter shall be known and may be cited as the Fire, Marine and Inland Marine Rate Regulatory Law.