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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 2 - License; Rules and Regulations

Section 2. No person or entity shall engage in cashing checks, drafts or money orders for a consideration in excess of one dollar per item without first obtaining a license from the commissioner. Nothing in this chapter shall be construed to apply to a bank, as defined in section one of chapter one hundred and sixty-seven, a national banking association, a federally chartered credit union, a federal savings and loan association or a federal savings bank. The commissioner shall establish rules and regulations, which may include an adequate capitalization requirement, for each place of business or mobile unit of a licensee to aid in the administration and enforcement of this chapter.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 4 - Denial of Application; Notice; Appeal

Section 4. If the commissioner refuses to issue a license, he shall notify the applicant of the denial, and within twenty days thereafter, he shall enter upon his records a written decision and findings containing the reasons supporting the denial and shall forthwith give written notice thereof by registered mail to the applicant. Within thirty days after the date of such notice, the applicant may appeal such denial to the superior court sitting in the county in which the business of the applicant is located. The court shall hear all pertinent evidence, determine the facts and, upon the facts as so determined, review such denial and affirm the same or order the commissioner to issue such license, as justice and equity may require.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 5 - Location of Business and Name of Licensee to Be Noted on License; Change of Location, Officers, Partners, Etc.

Section 5. Each license shall state the address at which the business is to be conducted and, if a mobile unit, the appropriate identification thereof, and shall state fully the name of the licensee. If a licensee intends to carry on business in more than one location or, in the case of a mobile unit, in an area greater than that specified on the license, he shall procure a license for each place or area where such business is to be conducted. A copy of such license shall be prominently displayed in the place of business or the mobile unit of the licensee. Such license shall not be transferable or assignable and shall expire annually on June first. A change of location or closing of the place of business of the licensee at the address stated on the license, including any change in the area of operation of a mobile unit, shall require prior approval of the commissioner. A request for such relocation or change in the area of operation shall be in writing setting forth the reasons therefor and shall be accompanied by a relocation investigation fee to be determined annually by the commissioner of administration under the provisions of section three B of chapter seven.
If there shall be any change among the officers, partners or directors of any licensee, the licensee shall forthwith notify the commissioner of the name, address and occupation of each new officer, partner or director and provide such other information as the commissioner may require.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 6 - Schedule of Fees and Charges; Filing and Posting

Section 6. A schedule of fees and charges to be assessed for the cashing of checks, drafts or money orders shall be filed by each licensee with the commissioner annually on or before a date to be set by the commissioner and, together with any revisions thereto, shall be conspicuously posted in each place of business and mobile unit of a licensee. An amendment to such schedule occurring between filing dates or a change in the hours of operation, as specified in the application for license filed pursuant to section three, shall be filed, in writing, with the commissioner forthwith.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 8 - Suspension or Revocation of License

Section 8. The commissioner may suspend or revoke a license issued pursuant to this chapter if he finds that:
(a) the licensee has violated a provision of this chapter or any rule or regulation adopted hereunder or any other law applicable to the conduct of its business; or
(b) a fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted said commissioner in refusing to issue such license.
Except as provided in subsection (a) of section nine, no license shall be revoked or suspended except after notice and hearing pursuant to chapter thirty A.
A licensee may surrender a license by delivering to the commissioner written notice that it hereby surrenders such license, but such surrender shall not affect the civil or criminal liability of such licensee for acts committed before such surrender.
No revocation, suspension or surrender of a license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any person.
In lieu of suspension or revocation of a license issued hereunder, the commissioner may fine a licensee up to a maximum of five hundred dollars per day for each violation.
The commissioner may suspend or revoke, or impose a fine on, only the particular license or licenses for particular places of business or locations with respect to which grounds for revocation occur or exist; provided, however, that if said commissioner shall find that such grounds for revocation are of general application to all places of business or locations of the licensee or that such grounds for fine, suspension or revocation have occurred or exist with respect to a substantial number of places of business or locations of such licensee, said commissioner may suspend, revoke or impose fines with respect to all of the licenses issued to such licensee.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 9 - Violations; Temporary Cease and Desist Orders

Section 9. (a) If the commissioner determines, after giving notice of and opportunity for a hearing, that a licensee has engaged in or is about to engage in an act or practice constituting a violation of a provision of this chapter or a rule, regulation or order adopted hereunder, said commissioner may order such licensee to cease and desist from such unlawful act or practice and take such affirmative action as in his judgment will effect the purposes of this chapter.
(b) If the commissioner makes written findings of fact that the public interest will be irreparably harmed by a delay in issuing an order under subsection (a) he may issue a temporary cease and desist order. Upon the entry of a temporary cease and desist order, the commissioner shall promptly notify, in writing, the licensee affected thereby that such order has been so entered, the reasons therefor, and that within twenty days after the receipt of a written request for a hearing from such licensee, the matter will be scheduled for such hearing to determine whether or not such temporary order shall become permanent and final. If no such hearing is requested and none is ordered by the commissioner, the order shall remain in effect until it is modified or vacated by the commissioner. If a hearing is requested or ordered, the commissioner, after giving notice of and opportunity for a hearing to the licensee subject to such order, shall, by written finding of facts and conclusions of law, vacate, modify or issue a permanent cease and desist order.
(c) No order under this section, except an order issued pursuant to subsection (b), may be entered without prior notice and opportunity for a hearing. The commissioner may vacate or modify an order under this section upon a finding that the conditions which required such order have changed and that it is in the public interest to vacate or modify such order.
An order issued pursuant to this section shall be subject to review as provided in chapter thirty A.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 10 - Investigation and Examination by Commissioner

Section 10. For the purpose of discovering violations of this chapter or a rule or regulation promulgated hereunder, or for securing information lawfully required by him, the commissioner may, at any time, and as often as he may determine, either personally or by a person designated by him, investigate the business and examine the books, accounts, records and files used therein of a licensee. The total charge for such examination, which shall be paid by the licensee within thirty days after receipt of an invoice therefor, shall be determined annually by the commissioner of administration under the provisions of section three B of chapter seven for each person participating in such examination. For such purpose, the commissioner and his duly designated representative shall have access to the offices and places of business, books, accounts, papers, records, files, safes and vaults of all such licensees. The commissioner and any person designated by him may require the attendance of and examine under oath all persons whose testimony he may require relative to such business. Copies of reports of such examinations of a licensee shall be furnished to such licensee and shall not be exhibited to any other person, organization or agency; provided, however, that the commissioner may, upon the request of a law enforcement agency made in the course of its official duties, provide copies of such reports to any such law enforcement agency.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 11 - Annual Report; Books, Accounts, and Records

Section 11. The licensee shall keep and use within the commonwealth such books, accounts and records as will enable the commissioner to determine whether such licensee is complying with the provisions of this chapter and with the rules and regulations promulgated hereunder by the commissioner. Licensees shall preserve such books, accounts and records for at least three years. Preservation by photographic reproduction thereof or records in photographic form shall constitute compliance with the requirements of this section.
Each licensee shall, annually, on or before a date to be determined by the commissioner, file a report with said commissioner providing such information as said commissioner may require concerning its business and operations during the preceding calendar year. Such reports shall not be exhibited to any other person, organization or agency; provided, however, that the commissioner may, upon the request of a law enforcement agency made in the course of its official duties, provide copies of such reports to any such law enforcement agency. The commissioner shall evaluate such reports and make such recommendations, if any, as he deems necessary to the general court.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 12 - Violations; Civil Action

Section 12. The commissioner or an aggrieved party may enforce the provisions of this chapter, or restrain any violations thereof, by filing a civil action in a court of competent jurisdiction. A violation of this chapter or a rule or regulation adopted hereunder, shall constitute a violation of chapter ninety-three A.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 169a - Licensing of Check Cashers › Section 13 - Penalty

Section 13. Whoever violates any provision of section two or any rule or regulation made thereunder by the commissioner shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, or both. Each day a violation continues shall be deemed a separate offense.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 1 - Definitions

Section 1. (a) As used in sections 1 to 9, inclusive, the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer.
(b) As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
''Capital stock'', the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.
''Commissioner'', the commissioner of banks.
''Corporation'' or ''bank'', a co-operative bank incorporated as such in this commonwealth.
''Incorporators'', subscribers to the agreement of association for the purpose of forming a co-operative bank under this chapter.
''Mutual bank'', a co-operative bank incorporated as such in the commonwealth in mutual form.
''Shareholder'' or ''member'', a depositor or holder of any shares or accounts referred to in chapter 167D.
''Shareholders' meeting'' or ''meeting of shareholders'', any annual or special meeting of members of the corporation entitled to vote.
''Stock bank'', a co-operative bank incorporated as such in the commonwealth in stock form which has been chartered or reorganized or converted to a stockholder form of corporation.
''Surplus account'', an account so designated on the books of a stock co-operative bank and consisting of such amounts as shall be required by law or shall be transferred thereto by vote of the board of directors.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 2 - Powers

Section 2. A co-operative bank shall have all the powers expressly granted by law and whatever further incidental powers may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common or accepted banking customs and usages.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 3 - Change of Corporate Name

Section 3. A corporation formed pursuant to section 2 may authorize, at a meeting duly called for the purpose, by vote of 2/3 of the shareholders present and voting a change of its corporate name. Within 60 days after any meeting at which such change has been authorized, articles of amendment, signed under the penalties of perjury by the executive officer and by the clerk, setting forth such change and the due adoption thereof, shall be delivered to the state secretary for filing.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 5 - Formation of Co-Operative Bank; Powers, Privileges and Duties Related to Corporations; Agreement of Association

Section 5. Fifteen or more individuals who associate themselves by a written agreement to form a co-operative bank may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all laws relating to such corporations. The agreement of association shall specifically state:
(1) that the incorporators thereto associate themselves with the intention of forming a corporation;
(2) the name by which the corporation shall be known;
(3) the location of the principal office of the corporation, which shall be within the commonwealth;
(4) the purposes for which the corporation is formed and the nature of the business to be transacted;
(5) the amount and classes of its capital stock and the number of shares into which any class is to be divided; the amount of the surplus account and the amount of the undivided profits account for a stock bank and the amount of the surplus account for a mutual bank; and
(6) the name of each incorporator and the number of shares of capital stock, if any, which the incorporator agrees to take and the class or classes of such shares.
The name of each incorporator shall be subscribed to the agreement of association.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 6 - Notice of Intention to Form Co-Operative Bank; Application for Certificate

Section 6. A notice of the intention of the subscribers to form such a co-operative bank shall be given to the board of bank incorporation. A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers designated by the board and published in the city or town in which it is proposed to establish the co-operative bank, or if there is no newspaper in such city or town, in a newspaper published in the city or town which is nearest to the proposed location. Such notice shall specify the names of the proposed incorporators, the name of the corporation and the location of the same. The subscribers to said agreement shall apply to the board for a certificate, which may be granted upon a finding that the public convenience and advantage will be promoted by the establishment of the co-operative bank. Such an application for a proposed co-operative bank shall be accompanied by an investigation fee, the amount of which shall be determined by the secretary of administration and finance pursuant to section 3B of chapter 7. In determining whether the public convenience and advantage will be promoted by the establishment of such co-operative bank, the board shall consider the adequacy of its capital structure, the general character of its management, the adequacy of banking facilities in the area and the convenience and needs of the community to be served. The board may grant such certificate, which shall be deemed to be revoked if the applicants do not become incorporated and begin business not more than 1 year after its date of issue; provided, however, that the board may grant an additional extension upon a demonstration of good cause; and provided further, that the board may impose terms and conditions on any such extension. If the board refuses to issue such certificate, no further proceeding shall be taken by the applicant during the year next following the date of such refusal except with the approval of the board, but the applicant may renew the application as of right after 1 year from the date of such refusal and may dispense with further notice or publication unless the board orders such notice or publication.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 7 - First Meeting of Incorporators

Section 7. 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. A copy of the notice shall, at least 7 days before the day appointed for the meeting, be given to each incorporator or left at each incorporator's residence or usual place of business, or deposited in the post office, postage prepaid, and addressed to each incorporator at such incorporator's residence or usual place of business, and another copy thereof and an affidavit of the signers that the notice has been duly served shall be recorded with the records of the corporation. If all the incorporators shall, in writing endorsed upon the agreement of association, waive such notice and fix the time and place of the meeting, no notice shall be required. At the first meeting, or at any adjournment thereof, the incorporators shall elect by ballot a temporary clerk who shall be sworn, adopt by-laws and in such manner as the by-laws may determine, elect 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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 9 - List of Stockholders; Issuance of Certificate Authorizing Corporation to Begin Transaction of Business

Section 9. When all the capital stock has been issued for a stock bank, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be verified by the clerk of the corporation. Upon receipt of such list, the board shall cause an examination to be made of the method of payment of the capital stock, or the surplus account if a mutual bank of the personnel of the corporation, including the officers and directors thereof, and if, after such examination, it appears that the whole capital stock, surplus account and undivided profits account for a stock bank or surplus account for a mutual bank have been paid in cash, that all requirements of law have been complied with, that the bank is a member of the Federal Deposit Insurance Corporation, and that the qualifications of the personnel are satisfactory, the board shall, if satisfied that the public convenience and advantage will be promoted thereby, 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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 10 - Applicability of Sections to Mutual Banks and to Stock Banks

Section 10. A mutual bank shall be subject to sections 11 to 15, inclusive, and a stock bank shall be subject to sections 16 to 20, inclusive. Section 20 shall apply to both a mutual and a stock bank.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 11 - By-Laws of Mutual Bank; Notice of Regular and Special Meetings of Shareholders; Meetings of Board of Directors

Section 11. The shareholders of a mutual bank shall make and adopt the necessary by-laws consistent with law for the government of its affairs. The by-laws may provide for matters relative to the business and affairs of the corporation as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed.
The clerk of the corporation shall give notice of all regular and special meetings of the shareholders by publishing notice thereof, at least 7 days before the meeting, in 1 or more newspapers published in the city or town wherein the main office of the corporation is situated or, if there is no newspaper published therein, then in a newspaper published in a nearby city or town in the same county; and for this purpose a newspaper which by its title page purports to be printed or published in such city, town or county and which has a circulation therein, shall be deemed to have been published therein. Such notice shall state the day, hour and place of the meeting and shall contain a brief statement of the nature of the business to be acted upon, except as may be provided in the by-laws with respect to the removal of officers and directors.
The board of directors shall meet at intervals of not more than 2 months; provided however, that upon application in writing by the corporation, the commissioner may waive or modify this requirement. Unless the articles of incorporation, the by-laws or a resolution of the board otherwise provide, members of the board of directors or any committee designated thereby may participate in a meeting of such board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting may simultaneously hear each other and participation by such means shall constitute presence in person at a meeting. Members may transmit any written authorizations that may be required during the meeting by electronic facsimile or other commercially acceptable transmission.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 12 - Members; Voting Rights

Section 12. Each person who is recorded on the books of the corporation as the holder of 1 or more shares or accounts referred to in chapter 167D shall be deemed a member and shareholder of and depositor in the corporation.
Each member shall be entitled to 1 vote at all shareholders' meetings, subject to the limitations contained in this section and such limitations, if any, as may be contained in the by-laws.
At any meeting, no person who votes in 1 capacity shall be entitled to vote in any other capacity. A co-owner of any shares or accounts who does not vote in any other capacity may vote as the representative of the co-owners. A corporate fiduciary or other corporation or a partnership or association may vote by a person duly authorized, if such person does not otherwise vote; provided, however, a fiduciary, whether individual, corporate or otherwise, may vote on behalf of 1 trust or estate only. No person shall be entitled to vote either as a member or in any representative capacity unless such person shall have attained the age of 18 years. No person shall vote by proxy except as otherwise may be expressly authorized by law.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 14 - Security Committee; Audit Committee

Section 14. At the first meeting of the board of directors, after the annual meeting of shareholders, the board shall elect from its own members a security committee of not less than 3 members, not less than 2 of whom shall report upon all real estate offered as security for loans made by the corporation, after having examined such real estate or after it shall have been examined by 1 or more appraisers considered to be qualified by the directors and appointed by them for that purpose. In no case, however, shall any member of the security committee or any appraiser make an official report upon property offered as security for a loan if such member has a personal interest in the property or in the proposed loan.
The security committee shall perform other duties as may be required by law, and exercise other powers as delegated to it by the board of directors. At each meeting of the board of directors, the security committee or an officer designated by it shall submit a report to the board of directors.
At the first meeting of the board of directors after the annual meeting of a mutual bank, the board shall elect an audit committee of not less than 3 directors who shall not be operating officers or members of the security committee. The members of the audit committee shall take an oath of office in the manner and within the period prescribed by section 13 and a record thereof shall be made and preserved as provided in said section 13. The directors shall determine the compensation, if any, to be paid to the members of the security committee and the audit committee.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 15 - Treasurer and Assistant Treasurer; Duties

Section 15. The treasurer shall keep the financial accounts and have charge of all books and papers necessary therefor, and dispose of and secure the safekeeping of all money, securities and property of the corporation, in the manner and subject to the limitations from time to time designated by the board of directors, subject to applicable law.
Such corporation may provide in its by-laws for assistant treasurers. An assistant treasurer may perform all the duties of the treasurer.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 170 - Co-Operative Banks › Section 16 - Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum

Section 16. Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. The corporation may establish regulations controlling the assignment and transfer of its shares. A majority in interest of the stockholders entitled to vote shall constitute a quorum at any meeting unless the by-laws require more than a majority.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.