General Laws of Massachusetts - Chapter 171 Credit Unions - Section 8 Location changes; branches and depots; consolidations or mergers

Section 8. With the written consent of the commissioner, the location of the main office of a credit union may be changed.

After notice and hearing as the commissioner may require and with his written permission and under conditions he approves, a credit union may establish and maintain 1 or more branch offices or depots in the county wherein the main office is located or on a site within 50 miles from the premises of the main office in a city or town in another county. The usual business transacted by a credit union at its main office may be transacted at a branch office. The business at a depot shall be transacted only on days designated by the board of directors and shall be limited to the receipt of deposits and the collection of moneys due or payable to the credit union, and the business shall be subject to other conditions prescribed by the commissioner.

With the written consent of the commissioner a branch office or depot may be closed, or its location may be changed.

The offices of a credit union consolidating or merging under section 78 may be maintained as branch offices of the credit union, with the written permission of and under conditions approved by the commissioner.

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Last modified: September 11, 2015