reglab/housing_qa huggingface dataset:
MA Gen L ch 171 § 8c (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 8c - Application by Foreign Credit Union or Out-of-State Federal Credit Union to Establish New Branch in the Commonwealth

Section 8C. A foreign credit union or out-of-state federal credit union, if such credit union does not operate a branch in the commonwealth, may establish and maintain a new branch in the commonwealth; provided, however, that the credit union submits an application in the manner and form prescribed by the commissioner and the commissioner approves that application; provided further, that the laws of the state in which the credit union has its principal place of business expressly authorize, under conditions not more restrictive than those imposed by this chapter as determined by the commissioner, a Massachusetts credit union to establish and maintain a branch therein. Any such foreign credit union or out-of-state federal credit union shall operate under the supervision of the commissioner and in accordance with all applicable laws governing Massachusetts credit unions, including all rules and regulations promulgated thereunder.  An out-of-state federal credit union shall operate the same as a federal branch which shall be subject to all laws of the commonwealth relative to community reinvestment, consumer protection, fair lending, establishment of intra-state branches, including but not limited to, sections 1 to 14A, inclusive, of chapter 93, and the applicable sections of chapters 93A, 167, 167B, 171, 183 and 184, including all rules and regulations promulgated thereunder and to such other laws of the commonwealth as are applicable to a federal credit union with its main office in the commonwealth.
MA Gen L ch 171 § 8e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 8e - Registration of Foreign Credit Union or Out-of-State Federal Credit Union Operating a Branch in the Commonwealth

Section 8E. Each foreign credit union or out-of-state federal credit union that operates a branch in the commonwealth shall register with the commissioner on forms prescribed by the commissioner which shall include information regarding the financial condition, operations and management of the credit union and other related matters the commissioner may deem necessary or appropriate to carry out this chapter.  The commissioner, from time to time, may require reports under oath to keep informed as to whether this chapter and the rules and regulations established thereunder have been complied with.
MA Gen L ch 171 § 8f (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 8f - Injunction to Restrain Foreign Credit Union or Out-of-State Federal Credit Union From Further Proceeding With Business

Section 8F. If, upon examination, it appears that a foreign credit union or out-of-state federal credit union is insolvent, or that its capital is impaired, or that its condition is such as to render the continuance of business hazardous to the public or to those having funds in its custody, the commissioner shall apply, or if any such credit union appears to have exceeded its powers or failed to comply with applicable law may apply, to the supreme judicial court, which shall have jurisdiction in equity on such application, to issue an injunction restraining the credit union, in whole or in part, from further proceeding with its business, and to make further orders or decrees as justice and equity may require. The court may appoint 1 or more receivers to take possession of its property and effects, subject to such directions as may from time to time be prescribed by the court.
MA Gen L ch 171 § 9 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 9 - By-Laws

Section 9. The shareholders of every such corporation shall make and adopt by-laws, consistent with law, for the government of its affairs. The by-laws shall provide for and determine:  (a) The name of the corporation.  (b) The purposes for which it is formed.  (c) The condition of residence, occupation or association which qualify persons for membership.  (d) The conditions on which shares may be paid in, transferred and withdrawn.  (e) The conditions on which deposits may be received and withdrawn.  (f) The method of receipting for money paid on account of shares or deposits or repaid on loans.  (g) The number of directors and the number of years for each term.  (h) The number of members of the credit committee, if applicable, as required by the by-laws.  (i) The time of holding regular meetings of the board of directors, the credit committee, if applicable, as required by the by-laws and the auditing committee.  (j) The duties of the several officers.  (k) The entrance fees, if any, to be charged.  (l) The fines, if any, to be charged for failure to meet obligations to the corporation punctually.  (m) The date of the annual meeting.  (n) The manner in which members shall be notified of the annual meeting and special meetings.  (o) The number of members who shall constitute a quorum at all meetings.  (p) Such other policies as may be deemed to be necessary.
MA Gen L ch 171 § 10 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 10 - Amendment of By-Laws

Section 10. The by-laws may be amended at any annual meeting, or at a special meeting called for the purpose, by a majority vote of all of the members present and entitled to vote; provided, however, that the notice of the meeting and of the proposed amendment is given each member in the manner prescribed in said by-laws. No amendment or amendments containing a change in the conditions of residence, occupation or association which qualify persons for membership shall become operative until approved in writing by the commissioner.
MA Gen L ch 171 § 11 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 11 - Annual Meetings; Special Meetings; Notice; Voting

Section 11. The annual meeting of the corporation shall be held at such time and place as the by-laws prescribe but not later than one hundred and twenty days after the close of the fiscal year. The fiscal year of every credit union shall end at the close of business on the last business day of December. Special meetings may be called at any time by a majority of the directors and shall be called by the clerk upon written application of ten or more members entitled to vote. Notices of all meetings of the corporation and of all meetings of the board of directors and of committees shall be given in the manner prescribed in the by-laws; provided, however, that all meetings of the shareholders and depositors shall be posted in a conspicuous place, for at least seven days prior to the meeting, within each office or branch office of said corporation.  A member shall not have more than 1 vote and, after a credit union has been incorporated for 1 year, a member shall not be entitled to vote or be a candidate for director until the member has been a member for not less than 3 months. An organization member or a person who is a party to a joint account may cast 1 vote on the share or deposit account at any of its meetings by a duly delegated agent or a party to the joint account; provided, however, that a minor shall not have the right to vote. A member may vote: (i) in person; (ii) by mail; or (iii) by electronic means; provided, however, that each credit union shall set forth in its by-laws the method of voting to be used by its members; provided further, that the commissioner may impose conditions or limitations on such voting methods.  The members shall elect directors, vote on any proposed amendment to the by-laws and act on such matters as required under law at each annual meeting.
MA Gen L ch 171 § 12 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 12 - Directors; Terms; Inability to Pay Judgment; Classes

Section 12. The business and affairs of a credit union shall be managed by a board of not less than 7 directors. A credit union may limit the number of employees serving as directors in its by-laws. The directors shall be elected at the annual meetings. All members of said board shall be sworn to the faithful performance of their duties and shall hold their several offices unless sooner removed as hereinafter provided, until their successors are qualified. A record of every such qualification shall be filed and preserved with the records of the corporation. Directors shall be elected for not less than one nor more than three years, as the by-laws shall provide.  The office of any director who seeks, or against whom, an order of relief is entered, in a personal capacity, pursuant to Title 11 of the United States Code, or who, on examination in a supplementary process proceeding, has been found unable to pay a judgment, shall thereby be vacated. A record of any such vacancy shall be entered upon the books of the corporation. Any director whose office is so vacated shall again be eligible to serve as a director upon the receipt of a discharge in bankruptcy under Chapter 7, the completion of all payments required pursuant to a plan of reorganization under chapter 11, the completion of all payments under a plan of debt adjustment under chapter 13, or the payment of the judgment.  If the term is more than one year, they shall be divided into classes, and an equal number, as nearly as may be, elected each year. If a director ceases to be a member of the credit union, his office shall thereupon become vacant. The by-laws may authorize the continuance, as honorary directors, of those persons who shall have served as directors for ten years or more. No such honorary director shall be deemed to be an officer or member of the board of directors of such corporation, nor shall he receive compensation or be required to attend meetings or be authorized to perform any duties.
MA Gen L ch 171 § 14 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 14 - Expulsion of Members

Section 14. The board of directors may expel from a credit union a member who: (i) has not carried out the member's engagements with the credit union; (ii) has been convicted of a criminal offense; (iii) neglects or refuses to comply with this chapter or the by-laws of the credit union; (iv) habitually neglects to pay the member's debts; or (v) has deceived the corporation or any committee thereof with regard to the use of borrowed money; provided, however, that a member shall not be expelled until the member has been provided with reasonable notice in writing of the charges against the member and with an opportunity to be heard; provided further, that a director who becomes insolvent or bankrupt shall be withdrawn from the board of directors automatically, with no requirement for notice or an opportunity to be heard; and provided further, that the board of directors may suspend from the credit union any member who has been convicted of a criminal offense.  The amounts paid in on shares or deposited by members who have withdrawn or have been expelled shall be paid to them, in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union. Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union.
MA Gen L ch 171 § 15 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 15 - Officers and Committee Members; Election and Appointment; Loan Officers

Section 15. The directors, at a regularly scheduled meeting or at a special meeting of the directors called for the purpose and thereafter at their first meeting after the annual meeting, shall elect from their own number a chairman of the board and a clerk and shall elect persons who may or may not be directors to hold the offices of president and treasurer and may elect vice-presidents and assistant treasurers, all of whom shall be officers of the corporation and shall elect such other officers as may be necessary for the transaction of the business of the credit union. The offices of president and treasurer shall not be held by the same person. The offices of president and chairman of the board may be held by the same person and the offices of clerk and treasurer may be held by the same person.  At such meeting, the directors shall elect an auditing committee from among the directors, an investment committee comprised of at least 1 member of the board of directors and a credit committee, if applicable, comprised of at least 1 member of the board of directors. Each such committee shall be comprised of not less than 3 members and not more than 5 members; provided, however, that no member of the board of directors shall be a member of both the credit committee, if any, and the auditing committee.  Officers shall be sworn to the faithful performance of their duties and shall hold their several offices unless sooner removed, as provided in section thirteen, until their successors are qualified.  The board of directors may appoint an executive committee or a membership officer from among the board or other employees, other than the treasurer, an assistant treasurer or a loan officer, and authorize the committee or officer to approve applications for membership under such conditions as the board of directors may prescribe.
MA Gen L ch 171 § 16 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 16 - Auditing Committee; Powers and Duties

Section 16. The auditing committee shall keep fully informed at all times as to the financial condition of the credit union. The auditing committee shall: (i) hold meetings not less than once each month; (ii) keep records of the meetings; (iii) certify the monthly statements submitted by the treasurer; (iv) make a thorough annual audit of the books, including income and expenses; (v) report to the board of directors its findings, together with any recommendations; and (vi) make an annual report at the annual meeting.  The auditing committee shall, under regulations prescribed by the commissioner and within a period of time not exceeding three years, cause an examination and audit to be made of the books, securities, cash, assets, liabilities, income and expenditures of the credit union including a trial balance of the deposit and share account. Such examination and audit shall be made in such form and such manner as the commissioner may prescribe and such examination and audit of a credit union having assets over five million dollars shall be made by a certified public accountant or public accountant not connected with the credit union.
MA Gen L ch 171 § 17 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 17 - Credit Committee; Powers and Duties

Section 17. The credit committee, if any, shall hold meetings not less than once in each month, act on all applications for loans and approve, in writing, all personal loans granted and the security, if any, pledged therefor, except as provided in this section. The credit committee shall submit to the board of directors all applications for loans to be secured by mortgages of real estate with its recommendations thereon. The credit committee may reasonably delegate its duties to employees in accordance with written loan policies that establish appropriate limits and standards and that are consistent with safe and sound banking practices.  No personal loans shall be made unless all of the members of the credit committee who are present when the application is considered, which number shall constitute at least two-thirds of the members of said committee, approve such loan. No loan shall be granted unless the members of said committee are satisfied that the loan promises to be of benefit to the borrower.  Notwithstanding the foregoing, the credit committee may appoint 1 or more employees of the credit union, who need not be members of the board of directors or the credit committee, as loan officers and delegate to them the authority to approve applications for loans authorized by this chapter. The delegation of authority shall be in writing, shall be approved by the board of directors, shall define the term and scope of the authority, and shall include standards for approving loans to be secured by mortgages of real estate which are consistent with the written loan policies of the credit union. Not more than 1 member of the credit committee may be appointed as a loan officer. Applications for loans to be secured by a mortgage on real estate not approved by a loan officer shall be acted upon by the credit committee. Applications for loans to be secured by a mortgage on real estate approved by a loan officer or the credit committee shall require ratification by the board of directors.
MA Gen L ch 171 § 18 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 18 - Investment Committee; Powers and Duties

Section 18. Investments authorized by section sixty-seven and other applicable sections may be made by the investment committee and a report of any such investments shall be submitted to the board of directors at its regular meeting next following the date upon which any such investment was made in such form as the directors may require and such report and any action taken by the board thereon, shall be made part of the records of such meeting.  The investment committee shall hold meetings not less than once in each month. The investment committee may reasonably delegate its duties to employees in accordance with written investment policies that establish appropriate limits and standards and that are consistent with safe and sound banking practices.
MA Gen L ch 171 § 19 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 19 - Directors and Officers; Limitations on Services With Other Financial Institutions

Section 19. No person shall be a director of two credit unions at the same time and no person holding the office of president, treasurer, member of the credit committee, member of the auditing committee or bookkeeper or an employee having access to securities or cash in a credit union shall hold any of said offices or be employed in a capacity in which he has access to securities or cash in another credit union at the same time.  After January first, nineteen hundred and seventy-five, a director or other officer of a credit union may at the same time be a trustee, director or other officer of a savings bank, cooperative bank, federally chartered savings and loan association, trust company, a bank holding company or any affiliate, a mortgage company owned by a bank or national banking association if, in such case, there is in force a permit therefor issued by the commissioner, in writing, with the reasons thereon stating why the public interest warrants its issuance, after reasonable notice and an opportunity to be heard, who is hereby authorized to issue such permit if, in his judgment, it is not incompatible with the public interest, and to revoke any such permit whenever he finds, after reasonable notice and opportunity to be heard, that the public interest warrants its revocation; provided, however that the provisions of this section shall not apply to any director or other officer who held such position at the time of incorporation of said credit union.
MA Gen L ch 171 § 20 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 20 - Compensation and Expense Reimbursement; Restrictions on Loans to Directors

Section 20. No member of the board of directors shall receive compensation for his services as a member of the board or as a member of any committee. A director may be reimbursed for actual expenses incurred in the performance of responsibilities of director or as a member of any committee; provided, however, that such expenses must be itemized in writing and approved by the board of directors. Such expenses shall be reported to the members at the next annual meeting or at a special meeting called for that purpose. The officers elected by the board shall receive such compensation as it may authorize. No member of said board shall borrow from the corporation, by means of a personal loan upon his note, to an amount in excess of the total of his shares and deposits in said credit union, and the accumulated earnings standing to his credit thereon on the books of the corporation or with sufficient collateral pledged to secure the same made up of negotiable bonds or notes of the United States valued at not more than eighty percent of their market value or by the assignment of his passbook in a savings bank, cooperative bank or a federal savings and loan association, all doing business in the commonwealth or policies issued by life insurance companies authorized to transact business in this commonwealth valued at not more than their cash surrender value, unless approved by vote of two-thirds of the other members of said board.
MA Gen L ch 171 § 21 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 21 - Bond Requirements

Section 21. The treasurer and all other officers and employees of a credit union having access to its cash or negotiable securities shall give bond to the credit union at its expense in such amounts and with such surety or sureties and conditions as the commissioner may prescribe. The directors may require bonds of such other officers, employees or agents as they deem advisable. The persons required to give bond may be included in one or more blanket or schedule bonds; provided, however, that bonds upon which changes are made are approved by the commissioner as to the amounts and the conditions thereof and as to the sureties thereon. Each credit union shall file with the commissioner on a form prescribed by him a certificate from the insurer indicating compliance with all requirements prescribed by the commissioner. The commissioner may prescribe the manner of custody and safekeeping of such bonds by the credit union.  Subject to the approval of the commissioner of insurance as to the form and conditions thereof, a schedule bond may be issued to an association of credit unions covering the officers and employees of the credit unions which are members of such association, notwithstanding that chapter one hundred and seventy-five does not expressly authorize the issuance of such a schedule bond.
MA Gen L ch 171 § 22 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 171 - Credit Unions|Section 22 - Treasurer's Additional Duties Under Chapter 167 and This Chapter

Section 22. In addition to the duties imposed by law upon the treasurer of a credit union or the officer or employee thereof charged with the duties and functions usually preformed by the treasurer, he shall also be responsible for the performance of all acts and duties required of such corporation by the provisions of chapter one hundred and sixty-seven or one hundred and seventy-one except in so far as such performance has been expressly imposed on some other officer or employee of such credit union by its regulations or by-laws or by provision of law.