Section 29. The capital of a credit union shall be unlimited in amount and shall consist of shares and deposits. Shares shall be of a par value of not less than five dollars but not more than twenty-five dollars each and shall be subscribed and paid for in such manner as the by-laws of the credit union shall prescribe.
Dividends may be declared by the board of directors at least once every year for such periods as shall be determined by the board of directors and paid from the earnings which actually have been collected during the dividend period next preceding and which remain after the deduction of all expenses, interest on deposits and shares and the amounts required to be set apart to the loan reserve and investment reserve or such dividend may be declared in whole or in part from the undivided earnings of preceding years remaining after the aforesaid deductions for such years; provided, however, that if the by-laws of the credit union so provide, a share purchased or deposit made on or before the tenth day after the day on which shares or deposits begin to draw dividends or interest, as provided in the by-laws or regulations, or, if such tenth day be a Saturday, Sunday or legal holiday, on or before the next business day succeeding such tenth day and remaining in the credit union as shares or deposits through the balance of the monthly period, shall be construed as having been on deposit as shares or deposits one full month within the meaning of this section.
Such dividends may be paid on fully paid shares outstanding at the close of the dividend period, but shares which become fully paid during such dividend period shall be entitled only to a proportionate part of such dividend calculated from the first day of the month following such payment in full. Dividends due to a member shall, at his election, be paid to him in cash or credited to his account in either shares or deposits; provided, however, that dividends may not be declared or paid on less than one full share.
Dividends may be paid at various rates based on the type and amount of an account or on the terms and conditions applicable to said accounts.
The board of directors shall determine the rate of interest to be paid on deposits.
Structure Massachusetts General Laws
Part I - Administration of the Government
Section 2 - Incorporation; Agreement of Association
Section 3 - Notice to Commissioner; Investigation Fee
Section 4 - First Meeting of Incorporators; Notice
Section 5 - Articles of Organization; Certificate of Incorporation
Section 6 - Transaction of Business; Authorization; Approval of By-Laws; Failure to Commence
Section 6a - Powers and Permissible Activities; Regulations
Section 6b - Savings Promotion Raffles
Section 7 - Use of Words ''credit Union'' Restricted; Penalties
Section 8 - Location Changes; Branches and Depots; Consolidations or Mergers; Mobile Branch Banking
Section 8b - Educational Credit Union, Student Savings Deposit and School Branch Office Programs
Section 8d - Examination of Affairs of Foreign Credit Union or Out-of-State Federal Credit Union
Section 10 - Amendment of By-Laws
Section 11 - Annual Meetings; Special Meetings; Notice; Voting
Section 12 - Directors; Terms; Inability to Pay Judgment; Classes
Section 14 - Expulsion of Members
Section 15 - Officers and Committee Members; Election and Appointment; Loan Officers
Section 16 - Auditing Committee; Powers and Duties
Section 17 - Credit Committee; Powers and Duties
Section 18 - Investment Committee; Powers and Duties
Section 19 - Directors and Officers; Limitations on Services With Other Financial Institutions
Section 20 - Compensation and Expense Reimbursement; Restrictions on Loans to Directors
Section 21 - Bond Requirements
Section 22 - Treasurer's Additional Duties Under Chapter 167 and This Chapter
Section 23 - Nonfeasance, Misfeasance and Malfeasance; Penalties
Section 24 - Indemnification of Directors, Officers and Employees; Liability Insurance
Section 25 - Insurance Benefits for Employees, Officers and Directors
Section 28 - Preservation of Records
Section 29 - Shares and Deposits; Dividends
Section 30 - Limitations on Shares and Deposits
Section 31 - Negotiable Withdrawal Order Accounts
Section 32 - Term Share or Deposit Accounts; Written Plan
Section 32a - Acceptance of Funeral Trust Account
Section 35 - Trustee or Custodian; Profit-Sharing or Retirement Plans
Section 36 - Designation of Beneficiary; Deferred Compensation or Retirement Plans
Section 37 - Plans Providing Loans Guaranteed by Higher Education Assistance Corporation
Section 38 - Accounts for Holding Residential Lease Security Deposits
Section 41a - Assessment of Fees and Charges
Section 42 - Deceased Depositors and Shareholders
Section 43 - Withdrawal of Shares or Deposits; Notice
Section 46 - Lost, Stolen or Destroyed Passbooks; Application for Payment or Issuance of Duplicate
Section 47 - Agreements Exculpating Credit Union for Wrongful Payment of Account
Section 48 - Proceeding for Collection of Indebtedness; Set Off
Section 49 - Transfer of Funds to Reduce Debt; Notification
Section 50 - Shares or Accounts Pledged as Security; Transfer, Assignment or Credit at Foreclosure
Section 51 - Adverse Claims to Shares or Deposits; Process; Bond
Section 52 - Reduction of Accounts for Equitable Division of Loss
Section 53 - Disclosure to Account Holders of Availability of Funds
Section 57 - Loans to Members; Applications; Preferences; Limitations
Section 58 - Liabilities of Members; Limitations
Section 65 - Definitions Applicable to Secs. 65 to 65e
Section 65a - Mortgage Loans by Credit Unions Authorized; Types; Comprehensive Written Loan Policies
Section 65a1/2 - Mortgage Loans Participation
Section 65c1/2 - Reverse Mortgage Loan Requirements
Section 65e - Powers of Credit Unions
Section 66 - Person Obligated to Make Payments Under Mortgage to Be Member of Credit Union
Section 67a - Membership in Associations Benefitting Credit Union or Providing Services
Section 68 - Registration of Securities in Name of Partnership or Corporate Nominee
Section 69 - Allowance or Reserve for Loan Losses
Section 70 - Reserve for Losses on Investments
Section 71 - Cash on Hand Requirements and Enumerated Investments
Section 72 - Contingent Fund; Liability on Loan Upon Death of Member
Section 73 - Borrowing on Behalf of Credit Union
Section 74 - Sale, Transfer and Assignment of Loans, Investments and Other Assets
Section 76 - National Credit Union Administration Central Liquidity Facility; Membership
Section 80 - Foreign Credit Unions; Consent for Incorporation
Section 80b - Credit Union Chartered in Commonwealth Converted to Federal Charter
Section 83 - Credit Union Employees Retirement Association; By-Laws; Reports
Section 84 - Credit Union Employees Retirement Association; Tax Exemption; Attachment