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. The first paragraph of section 2 of chapter 482 of the acts of 1984, as most recently amended by section 5 of chapter 244 of the acts of 1986, is hereby further amended by striking out the sixth sentence and inserting in place thereof the following three sentences:- The directors shall be elected by the incorporators and shall be divided into three groups as equal in number as possible. At the annual meeting next following the effective date of this act, one group shall be elected for a term of three years, one group shall be elected for a term of two years, and one group shall be elected for a term of one year. At the ensuing annual meeting following the conclusion of such terms, each group shall be elected for a three year term; provided, however, that any director may be removed by a vote of the incorporators at any meeting thereof.

SECTION 2. Section 3 of said chapter 482 is hereby amended by striking out the last paragraph and inserting in place thereof the following paragraph:-

For the purposes of this section, the term, "co-operative bank", shall include any savings bank incorporated as such in the commonwealth and subject to the provisions of chapter one hundred and sixty-eight of the General Laws, any trust company incorporated as such in the commonwealth and subject to the provisions of chapter one hundred and seventy-two of the General Laws, any credit union incorporated as such in the commonwealth and subject to the provisions of chapter one hundred and seventy-one of the General Laws and any federally chartered credit union with its principal place of business in the commonwealth.

SECTION 3. Section 7 of said chapter 482 is hereby amended by striking out, in line 23, the words "one-half of one" and inserting in place thereof the word:- five.