HOUSE DOCKET, NO. 3859 FILED ON: 1/16/2009
HOUSE . . . . . . . . . . . . . . No. 4483
The Commonwealth of Massachusetts
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PRESENTED BY:
Robert P. Spellane
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to the investment powers of the Massachusetts Credit Union Share Insurance Corporation.
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PETITION OF:
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Name:
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District/Address:
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Robert P. Spellane
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13th Worcester
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MEMORANDUM
OF THE SECRETARY OF THE COMMONWEALTH
IN RESPECT TO THE PETITION OF ROBERT P. SPELLANE
RELATIVE TO THE
INVESTMENT POWERS OF THE
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION
February 3, 2010
To:
The Honorable Senate and
House of Representatives
On February 1, 2010 the Clerk of the House transmitted the above-referenced petition to me with a request for a memorandum pursuant to the provisions of
General Laws Chapter 3 § 7.
The Massachusetts Credit Union Share Insurance Corporation (hereinafter referred to as the “Corporation”) was organized by Chapter 294 of the Acts of 1961 for the purpose of creating and maintaining a fund for the issuance of shares and deposits of members of credit unions established under the laws of the Commonwealth. Since its inception, numerous special acts have been adopted amending the provisions of law relative to the Corporation.
The bill before you seeks to amend Section 1 (12) of Chapter 294 of the Acts of 1961, as most recently amended by Section 7 of Chapter 168 of the Acts of 2004, by allowing the Corporation to invest in certificates of deposit in a banking corporation,
insured by the Federal Deposit Insurance Corporation, in an amount not to exceed the applicable federal deposit insurance limit.
Special legislation is necessary to accomplish the amendments. No fee is required by a corporation of this type. This office has no opinion on the merits of the legislation.
Respectfully submitted,
William Francis Galvin
Secretary of the Commonwealth
WFG/lf
The Commonwealth of Massachusetts
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In the Year Two Thousand and Nine
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An Act relative to the investment powers of the Massachusetts Credit Union Share Insurance Corporation.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Section 1(12) of Chapter 294 of the Acts of 1961, as most recently amended by St.2004, c. 168, Section 7, is hereby amended by deleting the last sentence of part (12) (p) and inserting in place thereof the following:
The limitations imposed by this paragraph shall not apply to an aggregate investment of not in excess of the applicable federal deposit insurance limit in a deposit of a banking corporation, the deposits of which banking corporation are insured by the Federal
Deposit Insurance Corporation.
