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Section 1 - Definitions - Section 1. As used in this chapter the following words...
Section 2 - Incorporation; Agreement of Association - Section 2. Ten or more persons, the majority of whom...
Section 3 - Notice to Commissioner; Investigation Fee - Section 3. A notice of the intention of the subscribers...
Section 4 - First Meeting of Incorporators; Notice - Section 4. The first meeting of the incorporators shall be...
Section 5 - Articles of Organization; Certificate of Incorporation - Section 5. The clerk or secretary and a majority of...
Section 6 - Transaction of Business; Authorization; Approval of By-Laws; Failure to Commence - Section 6. If it appears that all requirements of law...
Section 6a - Powers and Permissible Activities; Regulations - Section 6A. Notwithstanding other provisions of this chapter, a credit...
Section 6b - Savings Promotion Raffles - Section 6B. (a) For the purposes of this section, the...
Section 7 - Use of Words ''credit Union'' Restricted; Penalties - Section 7. No person, partnership or association, and no corporation,...
Section 8 - Location Changes; Branches and Depots; Consolidations or Mergers; Mobile Branch Banking - Section 8. The location of the main office of a...
Section 8a - Purchase, Establishment, Installation, Etc. of Electronic Branches; Location; Safeguards - [Text of section added by 2014, 482, Sec. 56. See...
Section 8b - Educational Credit Union, Student Savings Deposit and School Branch Office Programs - Section 8B. A credit union, federal credit union or out-of-state...
Section 8c - Application by Foreign Credit Union or Out-of-State Federal Credit Union to Establish New Branch in the Commonwealth - Section 8C. A foreign credit union or out-of-state federal credit...
Section 8d - Examination of Affairs of Foreign Credit Union or Out-of-State Federal Credit Union - Section 8D. The commissioner shall, in the manner prescribed in...
Section 8e - Registration of Foreign Credit Union or Out-of-State Federal Credit Union Operating a Branch in the Commonwealth - Section 8E. Each foreign credit union or out-of-state federal credit...
Section 8f - Injunction to Restrain Foreign Credit Union or Out-of-State Federal Credit Union From Further Proceeding With Business - Section 8F. If, upon examination, it appears that a foreign...
Section 9 - By-Laws - Section 9. The shareholders of every such corporation shall make...
Section 10 - Amendment of By-Laws - Section 10. The by-laws may be amended at any annual...
Section 11 - Annual Meetings; Special Meetings; Notice; Voting - Section 11. The annual meeting of the corporation shall be...
Section 12 - Directors; Terms; Inability to Pay Judgment; Classes - Section 12. The business and affairs of a credit union...
Section 13 - Powers and Duties of Directors; Quorum; Removal From Office; Honorary President; Participation in Meetings by Means of Conference Telephone or Similar Electronic Communications Equipment - Section 13. The board of directors shall have the general...
Section 14 - Expulsion of Members - Section 14. The board of directors may expel from a...
Section 15 - Officers and Committee Members; Election and Appointment; Loan Officers - Section 15. The directors, at a regularly scheduled meeting or...
Section 16 - Auditing Committee; Powers and Duties - Section 16. The auditing committee shall keep fully informed at...
Section 17 - Credit Committee; Powers and Duties - Section 17. The credit committee, if any, shall hold meetings...
Section 18 - Investment Committee; Powers and Duties - Section 18. Investments authorized by section sixty-seven and other applicable...
Section 19 - Directors and Officers; Limitations on Services With Other Financial Institutions - Section 19. No person shall be a director of two...
Section 20 - Compensation and Expense Reimbursement; Restrictions on Loans to Directors - Section 20. No member of the board of directors shall...
Section 21 - Bond Requirements - Section 21. The treasurer and all other officers and employees...
Section 22 - Treasurer's Additional Duties Under Chapter 167 and This Chapter - Section 22. In addition to the duties imposed by law...
Section 23 - Nonfeasance, Misfeasance and Malfeasance; Penalties - Section 23. Any officer, director, agent or employee of any...
Section 24 - Indemnification of Directors, Officers and Employees; Liability Insurance - Section 24. A credit union may indemnify its directors, officers,...
Section 25 - Insurance Benefits for Employees, Officers and Directors - Section 25. A credit union may provide group life insurance,...
Section 26 - Annual Reports - Section 26. Annually, not more than 30 days after the...
Section 27 - Balance Sheets - Section 27. Each such corporation shall prepare a balance sheet,...
Section 28 - Preservation of Records - Section 28. Each credit union shall preserve all of its...
Section 29 - Shares and Deposits; Dividends - Section 29. The capital of a credit union shall be...
Section 30 - Limitations on Shares and Deposits - Section 30. Every member of a credit union shall hold...
Section 31 - Negotiable Withdrawal Order Accounts - Section 31. A credit union may authorize accounts that would...
Section 31a - Guarantees - Section 31A. A credit union may execute and deliver for...
Section 32 - Term Share or Deposit Accounts; Written Plan - Section 32. A share or deposit authorized by section 30...
Section 32a - Acceptance of Funeral Trust Account - Section 32A. Notwithstanding any general or special law to the...
Section 32b - Demand Deposit Account and Savings Account; Joint Accounts; Terms; Fees; Notice of Availability - Section 32B. A natural person not more than 18 years...
Section 35 - Trustee or Custodian; Profit-Sharing or Retirement Plans - Section 35. A credit union may act as trustee or...
Section 36 - Designation of Beneficiary; Deferred Compensation or Retirement Plans - Section 36. Any designation of any beneficiary in connection with...
Section 37 - Plans Providing Loans Guaranteed by Higher Education Assistance Corporation - Section 37. A credit union may receive shares or deposits,...
Section 38 - Accounts for Holding Residential Lease Security Deposits - Section 38. Any credit union may establish an account to...
Section 39 - Joint Accounts - Section 39. Shares and deposits may be received and held...
Section 40 - Trust Accounts - Section 40. Subject to the foregoing limitations in respect to...
Section 41 - Minors' Accounts - Section 41. Shares may be issued and deposits received in...
Section 41a - Assessment of Fees and Charges - Section 41A. No credit union shall assess any fee, charge...
Section 42 - Deceased Depositors and Shareholders - Section 42. Deposits or shares standing in the individual name...
Section 43 - Withdrawal of Shares or Deposits; Notice - Section 43. A credit union may require from a shareholder...
Section 46 - Lost, Stolen or Destroyed Passbooks; Application for Payment or Issuance of Duplicate - Section 46. When a passbook or other instrument as evidence...
Section 47 - Agreements Exculpating Credit Union for Wrongful Payment of Account - Section 47. Any agreement between a depositor or shareholder and...
Section 48 - Proceeding for Collection of Indebtedness; Set Off - Section 48. A person indebted to a credit union may,...
Section 49 - Transfer of Funds to Reduce Debt; Notification - Section 49. Whenever a credit union, as a consequence of...
Section 50 - Shares or Accounts Pledged as Security; Transfer, Assignment or Credit at Foreclosure - Section 50. In the event that any shares or accounts...
Section 51 - Adverse Claims to Shares or Deposits; Process; Bond - Section 51. No credit union shall be required to recognize...
Section 52 - Reduction of Accounts for Equitable Division of Loss - Section 52. The supreme judicial court or any justice thereof...
Section 53 - Disclosure to Account Holders of Availability of Funds - Section 53. For the purposes of this section, the following...
Section 57 - Loans to Members; Applications; Preferences; Limitations - Section 57. The capital, deposits and surplus of a credit...
Section 58 - Liabilities of Members; Limitations - Section 58. The total liabilities to a credit union of...
Section 63 - Education Loans - Section 63. A credit union may make loans to aid...
Section 65 - Definitions Applicable to Secs. 65 to 65e - Section 65. As used in sections 65 to 65E, inclusive,...
Section 65a - Mortgage Loans by Credit Unions Authorized; Types; Comprehensive Written Loan Policies - Section 65A. (a) Credit unions may make or acquire loans...
Section 65a1/2 - Mortgage Loans Participation - Section 65A1/2. (a) A credit union may make, acquire, buy...
Section 65b - Inspection of Real Estate Securing Loan Upon Default; Appraisal of Real Estate Upon Excessive Loan - Section 65B. (a) A credit union shall inspect the real...
Section 65c - Reverse Mortgages; Disbursement of Proceeds; Program Requirements; Written Materials Provided to Borrower; Counseling Program; Priority of Liens - Section 65C. (a) A credit union may make or acquire...
Section 65c1/2 - Reverse Mortgage Loan Requirements - [ Section impacted by 2020, 65, Sec. 2, as amended...
Section 65d - Mortgage Loans Which Provide for Variation in Interest Rate; Conditions; Variation in Rate of Amortization - Section 65D. (a) Any credit union may make or acquire...
Section 65e - Powers of Credit Unions - Section 65E. A credit union shall have the following powers...
Section 66 - Person Obligated to Make Payments Under Mortgage to Be Member of Credit Union - Section 66. Prior to making mortgage loans on real estate...
Section 67 - Investments - Section 67. A credit union may make the following investments:...
Section 67a - Membership in Associations Benefitting Credit Union or Providing Services - Section 67A. A credit union may, by vote of its...
Section 67b - Investment in Shares of Stock Registered on a National Securities Exchange or for Which Quotations Are Available Through the Financial Industry Regulatory Authority, inc., or Any Comparable Service; Application to Commissioner for Prude... - Section 67B. Upon a 2/3 vote of its board of...
Section 68 - Registration of Securities in Name of Partnership or Corporate Nominee - Section 68. Any credit union may cause any stock or...
Section 69 - Allowance or Reserve for Loan Losses - Section 69. A credit union shall maintain an allowance for...
Section 70 - Reserve for Losses on Investments - Section 70. A credit union shall maintain a reserve for...
Section 71 - Cash on Hand Requirements and Enumerated Investments - Section 71. At least five percent of the total assets...
Section 72 - Contingent Fund; Liability on Loan Upon Death of Member - Section 72. The by-laws of a credit union may provide...
Section 73 - Borrowing on Behalf of Credit Union - Section 73. The board of directors may borrow money for...
Section 74 - Sale, Transfer and Assignment of Loans, Investments and Other Assets - Section 74. A credit union by a vote of its...
Section 75 - Investments in Fixed Assets; Investment in Other Corporations, Associations or Financial Institutions; Purchase of Insurance Covering Debtors; Checks and Money Orders; Safe Deposit Vaults - Section 75. (a) A well capitalized or adequately capitalized credit...
Section 75a - Credit Union as Agent or Broker for the Savings Bank Life Insurance Company of Massachusetts - Section 75A. A credit union may, with the approval of...
Section 75b - Definitions; Credit Union as Seller of Insurance Products; License Requirement; Officers, Tellers and Employees; Limitations; Insurance to Secure Credit Secured by Mortgage; Waiver of Applicability of Preempted Provisions - Section 75B. (a) For purposes of this section, the word...
Section 76 - National Credit Union Administration Central Liquidity Facility; Membership - Section 76. A credit union may, with the approval of...
Section 77 - Massachusetts Credit Union Share Insurance Corporation; Insurance of Shares and Deposits - Section 77. A credit union may arrange to have its...
Section 78 - Consolidation - Section 78. Any two or more credit unions may consolidate...
Section 78a - Merger or Consolidation of Credit Unions With Savings Bank, Co-Operative Bank or Subsidiary Banking Institution - Section 78A. Any 1 or more credit unions may merge...
Section 79 - Merger of Credit Unions Under Possession of Commissioner or Massachusetts Share Insurance Corporation - Section 79. If the commissioner has taken possession of a...
Section 80 - Foreign Credit Unions; Consent for Incorporation - Section 80. Any credit union operating under a charter other...
Section 80a - Conversion of Credit Union Into Mutual Savings Bank, Mutual Co-Operative Bank, Mutual Federal Savings Bank or Mutual Federal Savings and Loans Association - Section 80A. (a) A credit union subject to this section...
Section 80b - Credit Union Chartered in Commonwealth Converted to Federal Charter - Section 80B. (a) A credit union chartered in the commonwealth...
Section 81 - Liquidation - Section 81. At any regular or special meeting, if proper...
Section 82 - Credit Union Employees Retirement Association; Eligibility; Contributions; Plans Offered by Providers Other Than the Association - Section 82. (a) For the purposes of this section and...
Section 83 - Credit Union Employees Retirement Association; By-Laws; Reports - Section 83. The by-laws of the association shall be submitted...
Section 84 - Credit Union Employees Retirement Association; Tax Exemption; Attachment - Section 84. The property of the association, the portion of...
Section 65c.5 - Reverse Mortgage Loan Requirements - [ Section impacted by 2020, 65, Sec. 2, as amended...