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General Laws

Section 9. Such corporation shall have at least twenty-five corporators and may, at a legal meeting of the corporators, elect by ballot to be a corporator any person who is a resident of the commonwealth, or any person who resides in another state; provided, however, that not less than three-fourths of said corporators shall be citizens of the commonwealth and residents therein at any one time. Corporators shall be elected for a term often years, but a corporator shall not serve beyond the retirement age as established by the bank’s by-laws. No person shall serve as a corporator of more than one savings bank, and no corporator shall, after January first, nineteen hundred and seventy-five, serve as an officer or director of a national bank, trust company, co-operative bank, savings and loan association or credit union. A corporator shall, at the time of his election or within thirty days thereafter, be a depositor of such corporation. Any person serving as a corporator of a savings bank may at the same time serve as a director or, other officer of a trust company that does not make real estate mortgage loans and does not accept savings deposits from natural persons.

No person shall continue to be a corporator after removing from the commonwealth unless, at the annual meeting following such removal, the corporators shall vote to continue such person as a corporator subject to the limitations of this section applicable to nonresident corporators.

Any person may, at an annual or special meeting of the corporators, cease to be a corporator if, at least three days before such meeting, he has filed with the clerk a written notice of his intention so to do. If a corporator fails to attend two consecutive annual meetings, his membership may, by vote of the corporators at their next annual meeting, be declared forfeited; and such action and vote when recorded shall be evidence of such forfeiture. Not more than three-fifths of the corporators of any such corporation shall be trustees or officers thereof at any one time.

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