reglab/housing_qa huggingface dataset:
MA Gen L ch 170 § 17 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 17 - Stockholder Voting; Votes by Proxy

Section 17. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of 2 or more persons shall be valid if executed by any 1 of them unless at or prior to the exercise of the proxy such corporation receives a specific written notice to the contrary from any 1 of them. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Except as otherwise provided in the articles of organization or by-laws of the corporation, special meetings of the stockholders may be called pursuant to section 7.02 of chapter 156D.
MA Gen L ch 170 § 19 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 19 - Election of Officers

Section 19. The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose.  The president shall be elected by and from the board of directors and shall be chairman of the board unless the board designates a director in lieu of the president to be chairman. The directors shall elect the president, the vice president or vice presidents, treasurer and any other officers. The president, as may be permitted by law or by-law, may select other officers. The officers elected by the board shall hold their respective offices during the pleasure of the directors. The directors may fill a vacancy in the office of clerk or secretary until the next meeting of the stockholders.
MA Gen L ch 170 § 20 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 20 - Action Without Meeting

Section 20. Subsection (a) to (d), inclusive, shall apply to meetings of the board and its committees for both a co-operative bank in mutual form or in stock form.  (a) Unless the articles of organization or bylaws provide that action, required or permitted by this chapter or another general law, shall be taken by the directors only at a meeting, the action may be taken without a meeting if the action is taken by the unanimous consent of the members of the board of directors. The action shall be evidenced by 1 or more consents describing the action taken, in writing, signed by each director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of directors and included in the minutes or filed with the corporate records reflecting the action taken.  (b) Action taken under this section is effective when the last director signs or delivers the consent, unless the consent specifies a different effective date.  (c) A consent signed or delivered under this section has the effect of a meeting vote and may be described as such in any document.  (d) This section shall also apply to committees of the board and the members of the board.
MA Gen L ch 170 § 22 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 22 - By-Laws of Cooperative Banks Employees Retirement Association

Section 22. The by-laws of the retirement association, and any amendments thereto, shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the retirement association may be conducted and the manner in which its funds may be invested and paid out. Such retirement 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 cooperative banks and have been approved by the commissioner. The association shall annually, on or before August 1, report to the commissioner such statements of its membership and financial transactions for the year ending on the preceding December 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 retirement association. The retirement association shall not be subject to chapter 32 or chapter 175 or other laws as relate to insurance companies or other retirement associations.
MA Gen L ch 170 § 23 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 23 - Exemption of Cooperative Banks Employees Retirement Association Property and Funds From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights

Section 23. The property of the retirement association, the portion of the wages or salary of any employee deducted or to be deducted under sections 21 and 22, the right of an employee to an annuity or pension, and all of the employee's rights in the funds of the retirement association, shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the retirement association, a participating bank or any employee member of the retirement association. No assignment of any right in or to said funds or of any pension or annuity payable under section 21 shall be valid, except that deferred annuity contracts purchased by a participating bank on account of past service of eligible employees may be assigned to such bank prior to actual retirement.  Nothing in this section shall prevent an employee's annuity or pension from being attached, taken on execution, assigned, or subject to other process to satisfy a support order under chapter 208, 209 or 273.
MA Gen L ch 170 § 25 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 25 - By-Laws of Co-Operative Banks Employees Benefit Association

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.
MA Gen L ch 170 § 26 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 170 - Co-Operative Banks|Section 26 - Exemption of Co-Operative Banks Employees Benefit Association Property From Taxation, Operation of Law Relating to Insolvency, Attachment and Execution; Assignment of Rights

Section 26. The property of the benefit association shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the benefit association, a participating bank, or any employee member of the benefit association. No assignment of any right in or to said funds or of any pension or annuity payable under section 24 shall be valid, except that deferred annuity contracts purchased by a participating bank on account of past service of eligible employees may be assigned to such bank prior to actual retirement.  Nothing in this section shall prevent an employee's annuity or pension from being attached, taken on execution, assigned, or subject to other process to satisfy a support order under chapter 208, 209 or 273.
MA Gen L ch 171 § 2 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 2 - Incorporation; Agreement of Association

Section 2. Ten or more persons, the majority of whom reside in the commonwealth, who have associated themselves by a written agreement with the intention of forming a corporation for the purpose of accumulating and receiving the savings of its members in payment for shares or on deposit, in making loans to them at reasonable rates for provident purposes and investing, as hereinafter provided, the funds so accumulated, may with the consent of the commissioner, become such a corporation upon complying with sections two to six, inclusive. Such corporation shall have all the powers and privileges, be subject to all the duties, restrictions and liabilities set forth in all General Laws relating to such corporations and may undertake such other activities relating to the purpose of the corporation as the by-laws may authorize.  The agreement of association shall specifically state:  (a) that the subscribers thereto associate themselves with the intention of forming a corporation;  (b) the name by which the corporation shall be known. A corporation organized under this chapter shall include in its corporate name the words ''credit union''. Other distinguishing words may be used;  (c) the location of the principal office of the corporation, which shall be within the commonwealth;  (d) the purposes for which the corporation is formed and the nature of the business to be transacted; and  (e) the name of each incorporator.  Each incorporator shall subscribe his name to the agreement of association.
MA Gen L ch 171 § 3 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 3 - Notice to Commissioner; Investigation Fee

Section 3. A notice of the intention of the subscribers to form such a credit union shall be given to the commissioner.  Credit unions shall be organized under the provisions of sections two to six, inclusive, after such notice and hearing, if any, as the commissioner may require.  Such an application for a proposed credit union shall be accompanied by an investigation fee, the amount of which shall be determined by the commissioner of administration under the provision of section three B of chapter seven. In determining whether the public convenience and advantage will be promoted by the establishment of such credit union, the commissioner shall consider the proposed field of operation and the standing of the proposed incorporators.  Notwithstanding any other provision of this chapter, a community development credit union may be organized subject to the approval of the commissioner under such procedures, terms and conditions as said commissioner may impose. A community development credit union shall demonstrate to the satisfaction of said commissioner that most of its members are of low to moderate income or it intends to primarily serve low to moderate income individuals or areas. Such a credit union may accept shares or deposits from nonmembers.  Notwithstanding any general or special law to the contrary, a credit union may be organized or designated as a low-income credit union subject to the approval of the commissioner under such procedures, terms and conditions as the commissioner may impose.
MA Gen L ch 171 § 4 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 4 - First Meeting of Incorporators; Notice

Section 4. The first meeting of the incorporators shall be called by a notice signed either by the incorporator who is designated in the agreement for the purpose or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. Not less than 7 days before the day appointed for the meeting, a copy of the notice shall be: (i) given to each incorporator; (ii) sent to each incorporator electronically; (iii) left at each incorporator's residence or usual place of business; or (iv) deposited in the post office, postage prepaid and addressed to each incorporator at the incorporator's residence or usual place of business. Another copy of the notice and an affidavit of 1 of the signers that the notice has been duly served shall be recorded with the records of the corporation. If all of the incorporators shall, in writing endorsed upon the agreement of association, waive such notice and fix the time and place of the meeting, no such notice shall be required. At such first meeting, or at any adjournment thereof, the incorporators shall organize by the choice by ballot of a temporary clerk who shall be sworn, by the adoption of by-laws and by the election in such manner as the by-laws may determine, of directors, a clerk or secretary, and such other officers as the by-laws may prescribe. The temporary clerk shall make and attest a record of the proceedings until the clerk or secretary has been chosen and sworn, including a record of such choice and qualification.
MA Gen L ch 171 § 6 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 6 - Transaction of Business; Authorization; Approval of By-Laws; Failure to Commence

Section 6. If it appears that all requirements of law have been complied with, that the credit union will have its shares and deposits insured by a federal agency and that the qualifications of the personnel are satisfactory, the commissioner, shall, if satisfied that the proposed field of operation is favorable to the success of such corporation and that the standing of the proposed incorporators is such as to give assurance that its affairs will be administered in accordance with the spirit of this chapter, issue a certificate authorizing such corporation to begin the transaction of business. No such corporation shall begin the transaction of business until such a certificate has been granted.  No credit union shall receive any deposits or payments on account of shares or make any loans, until its by-laws have been approved in writing by the commissioner.  A credit union shall organize and commence business not more than 1 year after its date of incorporation, otherwise the charter of the credit union shall be void; provided, however, that the commissioner may grant an extension upon a demonstration of good cause and subject to such terms and conditions as the commissioner may impose.  So much of chapter 167 as relates to supervision by the commissioner shall apply to credit unions so far as applicable.  For the purpose of this section, a federal agency shall mean the National Credit Union Administration any successor entity or any other agency or instrumentality of the United States which insures shares and deposits in credit unions.
MA Gen L ch 171 § 6a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 6a - Powers and Permissible Activities; Regulations

Section 6A. Notwithstanding other provisions of this chapter, a credit union organized under the provisions of this chapter and insured by the National Credit Union Share Insurance Fund may exercise any power and engage in any activity that is permissible for a credit union organized under the provisions of the Federal Credit Union Act in accordance with regulations promulgated by the commissioner pursuant to this section; provided, however, that any such activity is not otherwise prohibited. In determining whether or not to authorize any such activity, the commissioner shall also determine whether or not competition among credit unions will be unreasonably affected and whether public convenience and advantage will be promoted. Said commissioner shall promulgate regulations necessary to carry out the provisions of this section. Except for emergency regulations adopted pursuant to section 2 of chapter 30A, any such regulation, or any amendment or repeal thereof, shall, after compliance with all applicable provisions of said chapter 30A except section 5, shall be submitted to the general court.
MA Gen L ch 171 § 6b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 6b - Savings Promotion Raffles

Section 6B. (a) For the purposes of this section, the term ''savings promotion raffle'' shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program where each ticket or entry has an equal chance of being drawn and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. 5481.  (b) A credit union may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113–251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271.  (c) The commissioner shall promulgate regulations necessary to implement and administer this section.
MA Gen L ch 171 § 7 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 7 - Use of Words ''credit Union'' Restricted; Penalties

Section 7. No person, partnership or association, and no corporation, except one incorporated under this chapter or corresponding provisions of earlier laws or the Federal Credit Union Act or one incorporated as a credit union under the laws of any other state and authorized to do business in the commonwealth, shall hereafter receive payments on shares or deposits from its members and loan such payments on shares and deposits in the manner of a credit union or transact business under any name or title containing the words ''credit union''; provided, however, that an association of credit unions or an organization, corporation or association, whose membership or ownership is primarily limited to credit unions, may transact business in accordance with the purposes for which it was established under any name or title containing the words ''credit union''. Whoever violates any provision of this section shall be punished by a fine of not more than one thousand dollars, and the supreme judicial and superior courts shall have jurisdiction in equity to enforce the provisions of this section.
MA Gen L ch 171 § 8 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 8 - Location Changes; Branches and Depots; Consolidations or Mergers; Mobile Branch Banking

Section 8. The location of the main office of a credit union may be changed with the written consent of the commissioner.  After such notice and hearing as the commissioner may require and with the commissioner's written permission and under such conditions as the commissioner may approve, a credit union may establish and maintain 1 or more branch offices or depots in the county wherein the main office is located, or on a site within 100 miles from the premises of the main office in a city or town in another county including on a site in the states of Connecticut, Maine, New Hampshire, New York, Rhode Island or Vermont, if in the opinion of the commissioner, the public would benefit by the establishment of additional credit union facilities. The establishment and maintenance of branch offices or depots in any 1 of the foregoing states shall also be established and maintained in accordance with the laws of that state. Any of the usual business transacted by a credit union at its main office may be transacted at a branch office. The business at a depot shall be transacted only on such days as may be designated by the board of directors and shall be limited to the receipt of deposits and the collection of moneys due or payable to the credit union and the business shall be subject to such other conditions, if any, as may be prescribed by the commissioner. Credit unions shall not submit more than 1 out-of-state branch application for the commissioner's review in any 12–month period.  With the written consent of the commissioner a branch office or depot may be closed or its location may be changed.  The offices of any credit union consolidating or merging pursuant to section 78 may be maintained as branch offices of the credit union with the written permission of and under such conditions, if any, as may be approved by the commissioner.  Mobile branch banking may be authorized by the commissioner under conditions the commissioner may approve and subject to regulations the commissioner may establish.  An investigation fee shall be submitted with any application to establish a branch office. The investigation fee shall be determined annually by the commissioner of administration under section 3B of chapter 7. To determine the amount of the investigation fee to establish a branch office, the commissioner of administration may make such classifications and differentiations of credit unions and may provide adjustments to the fee as necessary; provided, however, that such classifications and differentiations may be based on: (i) the asset size of the credit union; (ii) the number of existing branch offices of the credit union; or (iii) other criteria as determined by the commissioner of administration; and provided further, that the investigation fee shall be consistent with and equal to the amount of the investigation fee to establish a branch office imposed on banks in section 5 of chapter 167C.
MA Gen L ch 171 § 8b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 8b - Educational Credit Union, Student Savings Deposit and School Branch Office Programs

Section 8B. A credit union, federal credit union or out-of-state federal credit union with a branch office in the commonwealth may establish educational credit union training programs, student savings deposit programs and school branch office programs. A credit union, federal credit union or out-of-state federal credit union with a branch office in the commonwealth shall conduct such a program under the terms and conditions as the commissioner may establish. A federal credit union or out-of-state federal credit union with a branch office in the commonwealth shall conduct such a program in compliance with applicable federal laws and regulations.