Section 25. The trustees of the Co-operative Banks Employees Retirement Association shall prepare the by-laws of the benefit association and file the same with the commissioner. Said by-laws shall prescribe the manner in which, and the officers and agents by whom, the benefit association will be conducted and the manner in which its funds may be invested and paid out. They shall also provide that the trustees of the Co-operative Banks Employees Retirement Association shall serve as the initial trustees of the benefit association and shall continue such service for the term prescribed in such by-laws and for the election of subsequent trustees.
Such benefit association shall annually, within 6 months after the close of its fiscal year, report to the commissioner such statements of its membership and financial transactions 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 benefit association.
The benefit association shall not be subject to chapter 32 or chapter 175 or to such other laws that relate to insurance companies or other benefit associations.
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