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 168 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by adding the following paragraph:-

Notwithstanding the provisions of sections seven to ten, inclusive, or any general or special law to the contrary, fifteen or more individuals, who associate themselves by a written agreement for the purpose of forming a stockholder owned savings bank, may, upon compliance with this section, and sections five and six, become a corporation with all of the powers and privileges of a savings bank under section two. Such corporation in its agreement of association shall comply with subsections (e), (f), and (g) of section five of chapter one hundred and seventy-two and section eight of said chapter one hundred and seventy-two. Upon its formation, the said corporation shall be subject to the provisions of sections eight to fifteen, inclusive, sections nineteen, twenty, twenty-two, twenty-four, twenty-six A, twenty-seven, twenty-eight, thirty, thirty-one and other applicable sections of chapter one hundred and seventy-two, except that any reference in any of said sections to trust company shall be deemed also to be a reference to savings bank.

SECTION 2. Section 2 of chapter 170 of the General Laws, as so appearing, is hereby amended by adding the following paragraph:-

Notwithstanding the provisions of sections six to ten, inclusive, and any general or special law to the contrary, twenty or more individuals, who associate themselves by a written agreement for the purpose of forming a stockholder owned co-operative bank, may upon compliance with this section and sections four and five, become a corporation with all the powers and privileges of a co-operative bank under section one A. Such corporation in its agreement of association shall comply with the requirements of subsections (a), (e), (f) and (g) of section five of chapter one hundred and seventy-two and section eight of said chapter one hundred and seventy-two. Upon formation, the said corporation shall be subject to the provisions of sections eight to fifteen, inclusive, sections nineteen, twenty, twenty-two, twenty-four, twenty-five, twenty-six A, twenty-seven, twenty-eight, thirty, thirty-one and other applicable sections of said chapter one hundred and seventy-two, except that any reference in any of said sections to trust company shall be deemed also to be a reference to co-operative bank.