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 1. Section 4 of chapter 167D of the General Laws, as appearing in the 1986 Official Edition, is hereby amended by striking out subsection 2 and inserting in place thereof the following subsection:-

2. Paid-up Shares.- Paid-up shares may be sold in any denomination with interest to be paid at a rate fixed by the board. When serial shares mature they shall be deemed paid-up shares.

SECTION 2. Paragraph (a) of section 20 of chapter 170 of the General Laws, as so appearing, is hereby amended by striking out the third sentence and inserting in place thereof the following sentence:- Distributions to paid-up shares, as to each holder thereof, shall be credited or reserved for credit to a savings account, paid-up shares account, or a dividend savings account in such holder's name, or shall be paid to such holder if such holder or the corporation so elects.