Massachusetts General Laws
Chapter 171 - Credit Unions
Section 47 - Agreements Exculpating Credit Union for Wrongful Payment of Account

Massachusetts General Laws

Part I - Administration of the Government

Title XXII - Corporations

Chapter 171 - Credit Unions

Section 1 - Definitions

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 8a - Purchase, Establishment, Installation, Etc. of Electronic Branches; Location; Safeguards

Section 8b - Educational Credit Union, Student Savings Deposit and School Branch Office Programs

Section 8c - Application by Foreign Credit Union or Out-of-State Federal Credit Union to Establish New Branch in the Commonwealth

Section 8d - Examination of Affairs of Foreign Credit Union or Out-of-State Federal Credit Union

Section 8e - Registration of Foreign Credit Union or Out-of-State Federal Credit Union Operating a Branch in the Commonwealth

Section 8f - Injunction to Restrain Foreign Credit Union or Out-of-State Federal Credit Union From Further Proceeding With Business

Section 9 - By-Laws

Section 10 - Amendment of By-Laws

Section 11 - Annual Meetings; Special Meetings; Notice; Voting

Section 12 - Directors; Terms; Inability to Pay Judgment; Classes

Section 13 - Powers and Duties of Directors; Quorum; Removal From Office; Honorary President; Participation in Meetings by Means of Conference Telephone or Similar Electronic Communications Equipment

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 26 - Annual Reports

Section 27 - Balance Sheets

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 31a - Guarantees

Section 32 - Term Share or Deposit Accounts; Written Plan

Section 32a - Acceptance of Funeral Trust Account

Section 32b - Demand Deposit Account and Savings Account; Joint Accounts; Terms; Fees; Notice of Availability

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 39 - Joint Accounts

Section 40 - Trust Accounts

Section 41 - Minors' Accounts

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 63 - Education Loans

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 65b - Inspection of Real Estate Securing Loan Upon Default; Appraisal of Real Estate Upon Excessive Loan

Section 65c - Reverse Mortgages; Disbursement of Proceeds; Program Requirements; Written Materials Provided to Borrower; Counseling Program; Priority of Liens

Section 65c1/2 - Reverse Mortgage Loan Requirements

Section 65d - Mortgage Loans Which Provide for Variation in Interest Rate; Conditions; Variation in Rate of Amortization

Section 65e - Powers of Credit Unions

Section 66 - Person Obligated to Make Payments Under Mortgage to Be Member of Credit Union

Section 67 - Investments

Section 67a - Membership in Associations Benefitting Credit Union or Providing Services

Section 67b - Investment in Shares of Stock Registered on a National Securities Exchange or for Which Quotations Are Available Through the Financial Industry Regulatory Authority, inc., or Any Comparable Service; Application to Commissioner for Prude...

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 75 - Investments in Fixed Assets; Investment in Other Corporations, Associations or Financial Institutions; Purchase of Insurance Covering Debtors; Checks and Money Orders; Safe Deposit Vaults

Section 75a - Credit Union as Agent or Broker for the Savings Bank Life Insurance Company of Massachusetts

Section 75b - Definitions; Credit Union as Seller of Insurance Products; License Requirement; Officers, Tellers and Employees; Limitations; Insurance to Secure Credit Secured by Mortgage; Waiver of Applicability of Preempted Provisions

Section 76 - National Credit Union Administration Central Liquidity Facility; Membership

Section 77 - Massachusetts Credit Union Share Insurance Corporation; Insurance of Shares and Deposits

Section 78 - Consolidation

Section 78a - Merger or Consolidation of Credit Unions With Savings Bank, Co-Operative Bank or Subsidiary Banking Institution

Section 79 - Merger of Credit Unions Under Possession of Commissioner or Massachusetts Share Insurance Corporation

Section 80 - Foreign Credit Unions; Consent for Incorporation

Section 80a - Conversion of Credit Union Into Mutual Savings Bank, Mutual Co-Operative Bank, Mutual Federal Savings Bank or Mutual Federal Savings and Loans Association

Section 80b - Credit Union Chartered in Commonwealth Converted to Federal Charter

Section 81 - Liquidation

Section 82 - Credit Union Employees Retirement Association; Eligibility; Contributions; Plans Offered by Providers Other Than the Association

Section 83 - Credit Union Employees Retirement Association; By-Laws; Reports

Section 84 - Credit Union Employees Retirement Association; Tax Exemption; Attachment

Section 65c.5 - Reverse Mortgage Loan Requirements