Massachusetts General Laws
Chapter 168 - Savings Banks
Section 28 - By-Laws of Savings Banks Employees Retirement Association

Section 28. 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. Such 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 savings banks, and have been approved by the commissioner. Such association shall annually, on or before December 1, report to the commissioner such statements of its membership and financial transactions for the year ending on the preceding October 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 association.
The association shall not be subject to chapter 32 or chapter 175 or to other laws that 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 168 - Savings Banks

Section 1 - Definitions

Section 2 - Powers

Section 3 - Application of This Chapter and Chapters 167c to 167g, 167i and 167j

Section 4 - Capital Structure

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

Section 6 - Notice of Intention to Form Saving 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

Section 11 - Place of Meetings of Corporators, Board of Trustees and Board of Investment of Mutual Bank

Section 12 - Corporators of Mutual Bank

Section 13 - Annual and Special Meetings of Corporators of Mutual Bank

Section 14 - Board of Trustees of Mutual Bank

Section 15 - Regular and Special Meetings of Board of Trustees of Mutual Bank

Section 16 - Board of Investment of Mutual Bank

Section 17 - Officers of Mutual Bank

Section 18 - Election of Officers, Members of Board of Trustees and Members of Board of Investment

Section 19 - Notice of Election to Person Not Present at Meeting at Which Such Person Was Elected; Filing of List of Names

Section 20 - Auditing Committee; Other Committees

Section 21 - By-Laws

Section 21a - Action Without Meeting

Section 22 - Stock Bank; Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum

Section 23 - Stockholder Voting; Votes by Proxy

Section 24 - Board of Directors of Stock Bank; Executive Committee

Section 25 - Election of Officers

Section 26 - Meetings of Board of Directors

Section 27 - Savings Banks Employees Retirement Association

Section 28 - By-Laws of Savings Banks Employees Retirement Association

Section 29 - Exemption of Savings Banks Employees Retirement Association Property and Funds From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights

Section 30 - Savings Banks Employees Benefit Association

Section 31 - By-Laws of Savings Banks Employees Benefit Association

Section 32 - Exemption of Savings Banks Employees Benefit Association Property From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights