The 188th General Court of
The Commonwealth of Massachusetts
The Commonwealth of Massachusetts
Session Laws
CHAPTER 141 AN ACT PERMITTING SERVICE OF OUT-OF-STATE DIRECTORS ON THE BOARDS OF CO-OPERATIVE BANKS.
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Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
as follows:
Section 9 of chapter 170 of the General Laws is hereby amended by striking out the second sentence, as amended by chapter 13 of the acts of 1986, and inserting in place thereof the following sentence:- The shareholders shall elect the directors, each of whom shall be a citizen of the United States and at least three-fourths of whom shall be citizens of the commonwealth and residents therein.