reglab/housing_qa huggingface dataset:
MA Gen L ch 171 § 23 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 23 - Nonfeasance, Misfeasance and Malfeasance; Penalties

Section 23. Any officer, director, agent or employee of any credit union, who knowingly and wilfully does any act forbidden to him or to such credit union by any provision of chapter one hundred and sixty-seven or one hundred and seventy-one, or who knowingly and wilfully aids or abets the doing of any act so forbidden to such credit union or to any other officer, director, agent or employee thereof, or who knowingly and wilfully fails to do any act required of him by any such provision, or who knowingly and wilfully fails to do any act which is required of such credit union by any such provision the performance of which is imposed on him by the by-laws or regulations of the credit union or by provision of law or the responsibility for the non-performance of which is placed upon him by section twenty-two shall, if no other penalty against him in his aforesaid capacity is specifically provided, be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both.
MA Gen L ch 171 § 24 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 24 - Indemnification of Directors, Officers and Employees; Liability Insurance

Section 24. A credit union may indemnify its directors, officers, employees and other agents to whatever extent specified in or authorized by a by-law adopted pursuant to law. Such indemnification may include payment by the credit union of expenses incurred in defending a civil or criminal action or proceeding in advance of the final disposition of such action or proceeding upon receipt of an undertaking by the person indemnified to repay such payment if he shall be adjudicated to be not entitled to indemnification under this section. Any such indemnification may be provided although the person to be indemnified is no longer an officer, director, employee or agent of the credit union.  No indemnification shall be provided for any person with respect to any matter as to which he shall have been adjudicated in any proceeding not to have acted in good faith in the reasonable belief that his action was in the best interests of the credit union.  A credit union shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or other agent of the credit union against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the credit union would have the power to indemnify him against such liability.
MA Gen L ch 171 § 25 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 25 - Insurance Benefits for Employees, Officers and Directors

Section 25. A credit union may provide group life insurance, group accident and health insurance or group medical, surgical or hospital insurance or benefits or all or any combination thereof, for its employees, officers, and directors. Directors ineligible for the group benefit may be reimbursed up to the net dollar amount of the individual participant cost of the group benefit. The commissioner may establish regulations necessary to provide reasonable restrictions in connection therewith. The commissioner may also make adjustments and exceptions as in his judgment are necessary to carry out or facilitate compliance with this section.
MA Gen L ch 171 § 26 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 26 - Annual Reports

Section 26. Annually, not more than 30 days after the last business day of December, a credit union shall make a report to the commissioner in such form as the commissioner may prescribe accurately showing its condition at the close of business on that day and containing such other information as the commissioner may require. The annual report shall be in accordance with generally accepted accounting principles and shall fairly present the credit union's condition as of the last business day of the credit union's fiscal year. A statement of condition of a credit union shall be available for examination for reasonable purposes by members at the principal office of a credit union during business hours or made available to a member upon reasonable request.
MA Gen L ch 171 § 27 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 27 - Balance Sheets

Section 27. Each such corporation shall prepare a balance sheet, in accordance with generally accepted accounting principles, which presents fairly its condition as of the last business day of its fiscal year. A copy of said balance sheet shall be made available to a depositor upon request.
MA Gen L ch 171 § 28 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 28 - Preservation of Records

Section 28. Each credit union shall preserve all of its records of original and final entry, including cancelled checks and withdrawal and deposit slips, for a period of at least six years from the date of making the same or from the date of the last entry thereof. Such records shall be preserved in their original form for two years and thereafter may be preserved on microfilm or microfiche. All original records, age three years or older, may be stored in off property locations; provided, however, that withdrawal slips may be destroyed after a period of two years, if such withdrawal slips are properly microphotographed and the microphotographs shall be preserved for the period provided in this section.
MA Gen L ch 171 § 29 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 29 - Shares and Deposits; Dividends

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.
MA Gen L ch 171 § 30 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 30 - Limitations on Shares and Deposits

Section 30. Every member of a credit union shall hold 1 share and may hold shares or make deposits, or both, therein, in his own name and he may jointly, with one or more persons, hold shares or make deposits, or both. An organizational member may purchase shares or make deposits; provided, however, that the total of the payments by all organizational members shall not exceed, at any time, 25 per cent of the assets of the credit union.  This section shall apply to members of credit unions which are insured by the National Credit Union Administration and to members of low-income credit unions; provided, however, that no such credit union shall accept deposits or payments for shares for the account of a shareholder or depositor in excess of the amount which is insured by the National Credit Union Administration unless the excess is insured by the Massachusetts Credit Union Share Insurance Corporation pursuant to section 6D of chapter 294 of the acts of 1961.
MA Gen L ch 171 § 31 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 31 - Negotiable Withdrawal Order Accounts

Section 31. A credit union may authorize accounts that would allow withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. Such accounts shall be designated as negotiable withdrawal order accounts. Said accounts shall be subject to regulations of the commissioner.  A credit union which accepts deposits or shares for accounts subject to withdrawal by negotiable or transferable instrument for the purpose of making transfers to third parties shall, if requested by the depositor or shareholder, provide without charge not less than 25 cancelled instruments or legible copies of the fronts and backs thereof per calendar year; but, if requested by a depositor who is blind the credit union shall make additional accommodations to provide additional cancelled instruments or information thereon as is possible in accordance with the Check Clearing for the 21st Century Act, 12 USC 5001 et seq., and regulations promulgated thereunder. Section 4–406 of chapter 106 shall be subject to this section.
MA Gen L ch 171 § 31a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 31a - Guarantees

Section 31A. A credit union may execute and deliver for a member such guarantees as may be incidental or usual in the transfer of investment securities.
MA Gen L ch 171 § 32 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 32 - Term Share or Deposit Accounts; Written Plan

Section 32. A share or deposit authorized by section 30 may, if the directors of the credit union so determine, be received as a term share or deposit, subject to this section.  Notwithstanding any prior provisions of the law to the contrary, any such shares or deposits shall be received by a credit union subject to the terms of a written plan, which plan shall specify (a) the proposed rates of dividends or interest to be paid on such term shares or deposits, including day-to-day dividends or interest if the plan so provides, (b) the minimum amount, if any, and the maximum amount of share or deposit balances and the minimum period, which shall not be less than three months, of maintenance of such balances to which such specified rates shall apply, (c) the additional reserves to be established for such rates of dividends, (d) the form and substance of the certificate or passbook which shall represent the shares or deposits to which such dividends or interest may apply, (e) such other provisions as are termed necessary or advisable to give effect to the purposes of such plan and (f), that any credit union shall mail to the depositor a written notification of maturity at least thirty days prior to the date of maturity of said shares or deposit but in no event more than forty-five days prior to said date of maturity of said shares or deposit.
MA Gen L ch 171 § 32a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 32a - Acceptance of Funeral Trust Account

Section 32A. Notwithstanding any general or special law to the contrary, a credit union may accept a funeral trust account, as defined in regulations promulgated by the board of registration in embalming and funeral directing.
MA Gen L ch 171 § 32b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 32b - Demand Deposit Account and Savings Account; Joint Accounts; Terms; Fees; Notice of Availability

Section 32B. A natural person not more than 18 years of age or not less than 65 years of age may choose 1 demand deposit account and 1 savings account upon which no service, maintenance or other similar charge shall be imposed; provided, however, that any such demand deposit account and any such savings account shall each include a joint account in which the spouse of the eligible depositor, if applicable and regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor and that has been established and used for personal, family or household purposes. Such account shall not be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the credit union, which shall include the name of the depositor. A savings account in trust for another person shall be covered by the notice, services, fee and charge provisions of this section only if the trustee is a person not more than 18 years of age or not less than 65 years of age. To obtain a demand deposit account and a savings account under this section, a consumer shall notify a credit union of the consumer's eligibility for such accounts and provide proof of age in a form acceptable to the credit union. A credit union may assess a fee against an account under this section for certain services in accordance with the credit union's published service charge schedule, which shall include stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices and a reasonable charge, as determined by the commissioner, against any such account when payment on a check or other transaction on the account has been refused because of insufficient funds or paid despite insufficient funds. A credit union shall post in each of its credit union offices a notice informing consumers of the availability of the credit union services under this section and shall disclose annually to all depositors, in a manner of its choosing, the provisions of this section. For the purposes of this section, the term ''check or other transaction'' shall include, but not be limited to: (i) a check, as defined in 12 U.S.C. 5002; (ii) an electronic fund transfer, as defined in section 1 of chapter 167B; or (iii) a transaction processed by an automated clearinghouse.
MA Gen L ch 171 § 35 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 35 - Trustee or Custodian; Profit-Sharing or Retirement Plans

Section 35. A credit union may act as trustee or custodian under a profit-sharing plan instituted by a person, partnership or corporation within the meaning of section 401(a) of the Internal Revenue Code of 1954 including the provisions of P.L. 94–455. A credit union may act as trustee or custodian under a retirement plan or individual retirement account which, in the judgment of such credit union at the time of appointment as such trustee or custodian is accepted, is established pursuant to the provisions of Public Law 87–792, entitled ''Self–Employed Individuals' Tax Retirement Act of 1962'' or pursuant to the provisions of section 2002 of P.L. 93–406 of the Employees Retirement Income Security Act of 1974, if the provisions of such plan have been approved by the commissioner and if such provisions permit any of the funds of the trust or the custodial accounts to be invested in shares or deposits of the credit union. Such shares or deposits may be in addition to the shares or deposits permitted by section thirty. No funds held by such credit union as such trustee or custodian shall be invested otherwise than in shares or deposits in the credit union or properly qualified life insurance retirement income policies or other investments legal for credit unions or any combination thereof, as each such plan may prescribe or permit. Every advertisement, announcement or solicitation for such a plan or account shall state, in a clear and conspicuous manner, the amounts of any contributions and earnings thereon subject to state and federal taxable income.
MA Gen L ch 171 § 36 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 36 - Designation of Beneficiary; Deferred Compensation or Retirement Plans

Section 36. Any designation of any beneficiary in connection with and as provided by an instrument intended to establish a pension, profit-sharing or other deferred compensation or retirement plan, trust or custodial account described in one or more of the following sections of the Internal Revenue Code of the United States, and in effect from time to time, shall be effective according to its terms, notwithstanding any purported testamentary disposition allowed by statute, by operation of law or otherwise to the contrary; section four hundred and one (a), section four hundred and one (f), section four hundred and three (b)(7), section four hundred and five (a), section four hundred and eight (a), and section four hundred and eight (h). Nothing in this section is intended to limit, by implication or otherwise, any nonstatutory right of an employee to designate one or more beneficiaries in the employees' interest under any retirement plan not described in this section or under any other employee benefit plan.
MA Gen L ch 171 § 37 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 37 - Plans Providing Loans Guaranteed by Higher Education Assistance Corporation

Section 37. A credit union may receive shares or deposits, under the terms of a written plan approved by the commissioner, from any labor union, association, trust, public utility, partnership, corporation, college, university, insurance company, charity, any city, town, county or district of the commonwealth or by any instrumentality thereof or individual for the sole purpose of making loans guaranteed in whole or in part by the Massachusetts Higher Education Assistance Corporation; provided, however, that no such plan shall discriminate against any applicant otherwise eligible for such a loan; and, provided further, that such deposits shall not exceed twenty percent of the assets of the credit union.
MA Gen L ch 171 § 38 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 38 - Accounts for Holding Residential Lease Security Deposits

Section 38. Any credit union may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section fifteen B of chapter one hundred and eighty-six. Such account may be established as required by said section fifteen B for the purpose of holding security deposits taken by a lessor of residential dwelling units owned or managed by said lessor, but the terms of said account shall be such as to place said deposit beyond the claim of a creditor of the lessor, including a foreclosing mortgagee or trustee in bankruptcy, and as will provide for the transfer of said deposit to a subsequent owner of any property for which such security deposit was taken. Interest or dividends accruing on said deposit shall be paid to the lessor pursuant to the terms of the deposit. Withdrawals and payments made by the corporation from said account shall discharge the liability of said corporation to all persons.
MA Gen L ch 171 § 39 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 39 - Joint Accounts

Section 39. Shares and deposits may be received and held in the name of a member with one or more persons as joint tenants, payable to such member or his survivors, and any part or all of the shares or deposits and dividends or interest represented by joint accounts may be withdrawn, assigned or transferred by any of the individual parties. Payment to any of the parties to a joint account while all of them are living shall discharge the liability of the corporation to all parties and in the event of the death of any of them the corporation shall be liable only to the survivors, and the payment to any of the survivors shall discharge the liability of the corporation to all parties.  No person holding an account as a joint tenant with a member as provided herein and who is not a member or is not otherwise eligible for membership shall be deemed a member for any other provision of this chapter.  The surviving owner or owners of a joint account may maintain the balance of the account in the amount appearing at the time of the decease of a joint owner, and such credit union may allow dividend or interest additions and accumulations thereon. Such shares or deposits or any part thereof, or any interest dividends thereon, may be paid to any such person or to any assignee or pledgee of any of such persons whether the other such persons be living or not, provided they are not then attached at law or in equity in a suit against any such person and the credit union then has no notice in writing of any assignment or pledge of the account by any of such persons to any person other than the person to whom payment is being made hereunder. All such payments shall be valid. A surviving owner of a joint account may continue credit union membership if the surviving owner is eligible for membership and meets all requirements in the by-laws.
MA Gen L ch 171 § 40 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 40 - Trust Accounts

Section 40. Subject to the foregoing limitations in respect to shares and deposits and requirements relative to notice, shares may be subscribed for and deposits may be accepted in the name of one or two persons in trust for another provided the name and residence of the beneficiary is disclosed, and such shares and deposits shall be carried in the name of the shareholder or depositor as trustee or trustees. Payments may be made to the trustee, and if there are two trustees, payments may be made to both or to either or to the survivor. If no other notice of existence and terms of a trust has been received in writing by the credit union, upon the death of the trustee or if there are two trustees then upon the death of both, the amount then on deposit together with the dividends thereon may be paid to the person for whom such deposit was made or to his legal representative. Withdrawals and payments made as provided in this section shall fully discharge the liability of the credit union to all persons.