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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 170 CO-OPERATIVE BANKS

Section 1 - Definitions

Section 1A - Powers

Section 2 - Agreement to form co-operative bank; subscribers

Section 3 - Change of corporate name

Section 4 - Notice and application to board of bank incorporation; certificate; hearing; special surplus fund

Section 5 - First meeting of subscribers

Section 6 - Articles; certificate of incorporation

Section 7 - By-laws

Section 8 - Members; voting rights

Section 9 - Board of directors; clerk; directors and officers; records of meetings

Section 10 - Directors or officers serving in same capacity for other financial institutions

Section 11 - Security committee; finance committee

Section 12 - Treasurer; duties; assistant treasurer

Section 13 - Duties of treasurer under other provisions of law

Section 14 - Powers and duties of commissioner; audit

Section 15 - Bond of officers and employees

Section 16 - Misconduct of officer, director, agent or employee

Section 17 - Fee, commission, gift, or other consideration for or in connection with business of corporation

Section 18 - Report to commissioner; balance sheet

Section 19 - Loans or extension of credit to officers or directors

Section 19A - Violations; penalty

Section 20 - Distribution of net profits

Section 20A - Computation and rate of dividends and interest

Section 21 - Surplus accounts

Section 22 - Minimum reserves

Section 23 - Reserve balances

Section 24 - Advance, loan upon or purchase of bank assets or stock

Section 25 - Consolidation of co-operative banks

Section 26 - Consolidation on expedited basis

Section 26A - Merger or consolidation of co-operative bank and savings bank

Section 26B - Merger or consolidation of co-operative banks and thrift institutions

Section 26C - Conversion of co-operative bank to stockholder owned form of corporation

Section 26D - Consolidation or merger of co-operative bank converted into stock corporation into single state or federally-chartered stock corporation

Section 26E - Conversion of co-operative bank to stock holder owned form of corporation

Section 26F - Merger or consolidation of credit unions and corporations into single cooperative bank

Section 26G - Restrictions on approval of merger or consolidation applications

Section 26H - Conversion of credit union into co-operative bank in mutual form

Section 27 - Dissolution and liquidation

Section 28 - Conversion of co-operative bank to federal savings and loan association or federal savings bank

Section 29 - Conversion of federal thrift bank to co-operative bank

Section 30 - Co-operative Banks Employees Retirement Association

Section 31 - By-laws of retirement association

Section 32 - Retirement association property, etc.; tax exemption, attachment, execution or assignment

Section 33 - Co-operative Banks Employees Benefit Association

Section 34 - By-laws of benefit association

Section 35 - Benefit association property; tax exemption, attachment, execution or assignment