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:

The first paragraph of section 4 of chapter 294 of the acts of 1961, as appearing in section 2 of chapter 278 of the acts of 1982, is hereby amended by striking out subparagraph (b) and inserting in place thereof the following subparagraph:-

(b) On and after the annual meeting of the corporation to be held in the year nineteen hundred and eighty-six, directors may also be elected from excess member credit unions so long as the combined number of regular member and excess member directors, subject to the exception contained in subparagraph (a), does not exceed eleven; provided, however, that no more than two of the eleven directors shall represent excess member credit unions at any one time. Of the total number of directors elected from regular member and excess member credit unions, not more than one-third at any one time shall represent credit unions in any one county of the commonwealth.