Massachusetts General Laws
Chapter 170 - Co-Operative Banks
Section 22 - By-Laws of Cooperative Banks Employees Retirement Association

Section 22. The by-laws of the retirement association, and any amendments thereto, shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the retirement association may be conducted and the manner in which its funds may be invested and paid out. Such retirement association shall be formed when its by-laws have been approved and agreed to by a majority of the trustees of each of 15 or more cooperative banks and have been approved by the commissioner. The association shall annually, on or before August 1, report to the commissioner such statements of its membership and financial transactions for the year ending on the preceding December 31 as the commissioner may consider necessary to show its business and standing. The commissioner may verify such statement by an examination of the books and papers of the retirement association. The retirement association shall not be subject to chapter 32 or chapter 175 or other laws as relate to insurance companies or other retirement associations.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XXII - Corporations

Chapter 170 - Co-Operative Banks

Section 1 - Definitions

Section 2 - Powers

Section 3 - Change of Corporate Name

Section 4 - Capital Structure Upon Incorporation

Section 5 - Formation of Co-Operative Bank; Powers, Privileges and Duties Related to Corporations; Agreement of Association

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 9 - List of Stockholders; Issuance of Certificate Authorizing Corporation to Begin Transaction of Business

Section 10 - Applicability of Sections to Mutual Banks and to Stock Banks

Section 11 - By-Laws of Mutual Bank; Notice of Regular and Special Meetings of Shareholders; Meetings of Board of Directors

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 23 - Exemption of Cooperative Banks Employees Retirement Association Property and Funds From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights

Section 24 - Co-Operative Banks Employees Benefit Association

Section 25 - By-Laws of Co-Operative Banks Employees Benefit Association

Section 26 - Exemption of Co-Operative Banks Employees Benefit Association Property From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights