Section 20. Subsection (a) to (d), inclusive, shall apply to meetings of the board and its committees for both a co-operative bank in mutual form or in stock form.
(a) Unless the articles of organization or bylaws provide that action, required or permitted by this chapter or another general law, shall be taken by the directors only at a meeting, the action may be taken without a meeting if the action is taken by the unanimous consent of the members of the board of directors. The action shall be evidenced by 1 or more consents describing the action taken, in writing, signed by each director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of directors and included in the minutes or filed with the corporate records reflecting the action taken.
(b) Action taken under this section is effective when the last director signs or delivers the consent, unless the consent specifies a different effective date.
(c) A consent signed or delivered under this section has the effect of a meeting vote and may be described as such in any document.
(d) This section shall also apply to committees of the board and the members of the board.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 170 - Co-Operative Banks
Section 3 - Change of Corporate Name
Section 4 - Capital Structure Upon Incorporation
Section 6 - Notice of Intention to Form Co-Operative Bank; Application for Certificate
Section 7 - First Meeting of Incorporators
Section 8 - Articles of Organization; Certificate of Incorporation
Section 10 - Applicability of Sections to Mutual Banks and to Stock Banks
Section 12 - Members; Voting Rights
Section 13 - Board of Directors; Clerk; Directors and Officers; Records of Meetings
Section 14 - Security Committee; Audit Committee
Section 15 - Treasurer and Assistant Treasurer; Duties
Section 16 - Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum
Section 17 - Stockholder Voting; Votes by Proxy
Section 18 - Board of Directors of Co-Operative Bank; Executive Committee
Section 19 - Election of Officers
Section 20 - Action Without Meeting
Section 21 - Cooperative Banks Employees Retirement Association
Section 22 - By-Laws of Cooperative Banks Employees Retirement Association
Section 24 - Co-Operative Banks Employees Benefit Association
Section 25 - By-Laws of Co-Operative Banks Employees Benefit Association