General Laws of Massachusetts - 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.

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Last modified: September 11, 2015