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 16 of chapter 171 of the General Laws is hereby amended by striking out the fifth sentence, as most recently amended by chapter 314 of the acts of 1972, and inserting in place thereof the following sentence:- Said board may, if the credit union has a deposit or share account therein, borrow money for and on behalf of the credit union, without the approval of the commissioner, from a savings bank, co-operative bank, federal savings and loan association, national bank or trust company, the Central Credit Union Fund, Inc., or the Mass Cuna Corporate Central Federal Credit Union; provided that money borrowed from such institution is in an amount not exceeding said deposit or share account and is for a time not extending beyond the end of a one year period from the date on which the loan is made.