Section 31. The trustees of the Savings 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 said trustees of the Savings 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 other laws that relate to insurance companies or other benefit associations.
Structure Massachusetts General Laws
Part I - Administration of the Government
Section 3 - Application of This Chapter and Chapters 167c to 167g, 167i and 167j
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 10 - Applicability of Sections to Mutual Banks and to Stock
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 20 - Auditing Committee; Other Committees
Section 21a - Action Without Meeting
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 30 - Savings Banks Employees Benefit Association
Section 31 - By-Laws of Savings Banks Employees Benefit Association