Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Section 15 of chapter 171 of the General Laws is hereby further amended by striking out the first two sentences, as most recently amended by chapter 179 of the acts of 1984, and inserting in place thereof the following three sentences:- The directors, at a regular scheduled meeting or at a special meeting of the directors called for that purpose and thereafter at their first meeting after the annual meeting shall elect a president and treasurer and may elect one or more vice presidents and one or more assistant treasurers any or all of whom may or may not be a director, who shall be officers and shall elect such other officers as may be necessary for the transaction of the business of the credit union, and shall elect from their own number a chairman of the board, one or more vice chairmen of the board, a clerk, who shall be officers of the corporation, a credit committee of not less than three members, an auditing committee of not less than three nor more than five members, and an investment committee of three members, all of whom shall hold office until their successors are qualified unless sooner removed as hereafter provided. The offices of president and treasurer shall not be held by the same person. The offices of president and chairman of the board may be held by the same person.