General Laws of Massachusetts - Chapter 170 Co-operative Banks
- Massachusetts General Laws - Definitions - Chapter 170, Section 1
The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings:— “Bank day”, the day in each month...
- Massachusetts General Laws - Powers - Chapter 170, Section 1A
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...
- Massachusetts General Laws - Agreement to form co-operative bank; subscribers - Chapter 170, Section 2
Twenty or more persons who associate themselves by a written agreement, signed by each of them, to form a co-operative bank for the purpose of...
- Massachusetts General Laws - Change of corporate name - Chapter 170, Section 3
A corporation formed pursuant to section two may authorize, at a meeting duly called for the purpose, by vote of two-thirds of the shareholders present...
- Massachusetts General Laws - Notice and application to board of bank incorporation; certificate; hearing; special surplus fund - Chapter 170, Section 4
The subscribers to said agreement shall give notice to the board of bank incorporation of their intention to form a co-operative bank, and shall apply...
- Massachusetts General Laws - First meeting of subscribers - Chapter 170, Section 5
The first meeting of the subscribers to the agreement of association shall be called by a notice signed either by that subscriber to the agreement...
- Massachusetts General Laws - Articles; certificate of incorporation - Chapter 170, Section 6
The president and a majority of the directors who are elected at the first meeting shall make, sign and make oath to articles in duplicate...
- Massachusetts General Laws - By-laws - Chapter 170, Section 7
The shareholders of every such corporation shall make and adopt the necessary by-laws consistent with law for the government of its affairs. Copies of all...
- Massachusetts General Laws - Members; voting rights - Chapter 170, Section 8
Each person who is recorded on the books of the corporation as the holder of one or more shares or accounts referred to in chapter...
- Massachusetts General Laws - Board of directors; clerk; directors and officers; records of meetings - Chapter 170, Section 9
The business and affairs of every such corporation shall be managed by a board of not less than five and, except as otherwise provided by...
- Massachusetts General Laws - Directors or officers serving in same capacity for other financial institutions - Chapter 170, Section 10
No person shall be a director or other officer of two co-operative banks at the same time, except in the case of the purchase of...
- Massachusetts General Laws - Security committee; finance committee - Chapter 170, Section 11
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...
- Massachusetts General Laws - Treasurer; duties; assistant treasurer - Chapter 170, Section 12
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...
- Massachusetts General Laws - Duties of treasurer under other provisions of law - Chapter 170, Section 13
In addition to the duties imposed by law upon the treasurer of a bank, or the officer or employee thereof charged with the duties and...
- Massachusetts General Laws - Powers and duties of commissioner; audit - Chapter 170, Section 14
(a) The commissioner shall have the same powers and duties in respect to co-operative banks which he has in respect to savings banks. At least...
- Massachusetts General Laws - Bond of officers and employees - Chapter 170, Section 15
Officers and employees of such corporation shall be bonded to the extent and in the form determined by the board of directors.
- Massachusetts General Laws - Misconduct of officer, director, agent or employee - Chapter 170, Section 16
Any officer, director, agent or employee of any bank, who knowingly and wilfully does any act forbidden to him or to such bank by any...
- Massachusetts General Laws - Fee, commission, gift, or other consideration for or in connection with business of corporation - Chapter 170, Section 17
No officer, director, employee or attorney of such corporation shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift or other...
- Massachusetts General Laws - Report to commissioner; balance sheet - Chapter 170, Section 18
Every such corporation shall annually, within thirty days after the last business day of December, make a report to the commissioner in such form as...
- Massachusetts General Laws - Loans or extension of credit to officers or directors - Chapter 170, Section 19
An officer or director of a bank, except as provided in this section, shall not borrow from or otherwise become indebted to the bank of...
- Massachusetts General Laws - Violations; penalty - Chapter 170, Section 19A
Whoever violates the provisions of sections seventeen and nineteen shall be punished by a fine of not more than five thousand dollars or by imprisonment...
- Massachusetts General Laws - Distribution of net profits - Chapter 170, Section 20
The board of directors, at each distribution date which shall be monthly, quarterly, semiannually or annually on a bank day, shall distribute the net profits...
- Massachusetts General Laws - Computation and rate of dividends and interest - Chapter 170, Section 20A
Dividends and interest shall be at such rate as the directors determine and, if the directors so determine, may be computed as if such dividends...
- Massachusetts General Laws - Surplus accounts - Chapter 170, Section 21
(1) Every such corporation shall establish and maintain a surplus account to which all undivided profits and earnings of the corporation shall be transferred. The...
- Massachusetts General Laws - Minimum reserves - Chapter 170, Section 22
Every such corporation shall establish and at all times maintain as a minimum reserve to meet withdrawals of shares and accounts and applications for loans...
- Massachusetts General Laws - Reserve balances - Chapter 170, Section 23
Such corporation shall maintain the reserve balances required by the Federal Reserve Act, 12 U.S.C. 461(b), and in the event such reserves are less than...
- Massachusetts General Laws - Advance, loan upon or purchase of bank assets or stock - Chapter 170, Section 24
With the approval of the commissioner, any such corporation may advance or loan upon, or purchase, the whole or any part of the assets or...
- Massachusetts General Laws - Consolidation of co-operative banks - Chapter 170, Section 25
Any two or more such corporations may merge or consolidate into a single corporation on such terms as shall have been agreed upon by vote...
- Massachusetts General Laws - Consolidation on expedited basis - Chapter 170, Section 26
If the commissioner has certified to the Co-operative Central Bank that it is unsafe or inexpedient for a corporation to continue to transact business, as...
- Massachusetts General Laws - Merger or consolidation of co-operative bank and savings bank - Chapter 170, Section 26A
Any one or more such corporations and any one or more savings banks, as defined in section one of chapter one hundred and sixty-eight may...
- Massachusetts General Laws - Merger or consolidation of co-operative banks and thrift institutions - Chapter 170, Section 26B
Any one or more such corporations and any one or more thrift institutions may merge or consolidate into a single co-operative bank or into a...
- Massachusetts General Laws - Conversion of co-operative bank to stockholder owned form of corporation - Chapter 170, Section 26C
Notwithstanding any general or special law to the contrary a co-operative bank subject to approval of the commissioner, may convert to a stockholder owned form...
- Massachusetts General Laws - Consolidation or merger of co-operative bank converted into stock corporation into single state or federally-chartered stock corporation - Chapter 170, Section 26D
Any one or more such stock corporations may, upon compliance with the provisions of section seventy-eight of chapter one hundred and fifty-six B, which are...
- Massachusetts General Laws - Conversion of co-operative bank to stock holder owned form of corporation - Chapter 170, Section 26E
(a)(1) Notwithstanding any general or special law to the contrary, a co-operative bank may convert to a stock holder owned form of corporation pursuant to...
- Massachusetts General Laws - Merger or consolidation of credit unions and corporations into single cooperative bank - Chapter 170, Section 26F
Any one or more of such corporations and any one or more credit unions, as defined in section one of chapter one hundred and seventy-one,...
- Massachusetts General Laws - Restrictions on approval of merger or consolidation applications - Chapter 170, Section 26G
The commissioner shall not approve an application for a merger or consolidation pursuant to this chapter if the bank sought to be acquired has been...
- Massachusetts General Laws - Conversion of credit union into co-operative bank in mutual form - Chapter 170, Section 26H
A credit union as defined in section 1 of chapter 167 may convert into a co-operative bank in mutual form pursuant to section 80A of...
- Massachusetts General Laws - Dissolution and liquidation - Chapter 170, Section 27
Subject to the written approval of the commissioner, any co-operative bank may be dissolved and liquidate its affairs if authorized by a vote passed, at...
- Massachusetts General Laws - Conversion of co-operative bank to federal savings and loan association or federal savings bank - Chapter 170, Section 28
Any such corporation may convert itself into a federal savings and loan association or federal savings bank if authorized by a vote of a majority...
- Massachusetts General Laws - Conversion of federal thrift bank to co-operative bank - Chapter 170, Section 29
Any federal thrift bank may convert itself into a co-operative bank upon the same terms and conditions that from time to time shall apply under...
- Massachusetts General Laws - Co-operative Banks Employees Retirement Association - Chapter 170, Section 30
Fifteen or more cooperative banks may form the Cooperative Banks Employees Retirement Association, in this section and in sections 31 and 32 called the retirement...
- Massachusetts General Laws - By-laws of retirement association - Chapter 170, Section 31
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...
- Massachusetts General Laws - Retirement association property, etc.; tax exemption, attachment, execution or assignment - Chapter 170, Section 32
The property of the retirement association, the portion of the wages or salary of any employee deducted or to be deducted under sections thirty and...
- Massachusetts General Laws - Co-operative Banks Employees Benefit Association - Chapter 170, Section 33
The participating members of the Co-operative Banks Employees Retirement Association, established by section thirty, shall constitute as the Co-operative Banks Employees Benefit Association, in this...
- Massachusetts General Laws - By-laws of benefit association - Chapter 170, Section 34
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...
- Massachusetts General Laws - Benefit association property; tax exemption, attachment, execution or assignment - Chapter 170, Section 35
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...
Last modified: September 11, 2015