Agreement to form co-operative bank; subscribers
Section 2. Twenty or more persons who associate themselves by a written agreement, signed by each of them, to form a co-operative bank for the purpose of accumulating, loaning and investing the savings of its members may, upon compliance with this section and sections four, five and six, become a corporation with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all general laws relating to such corporations. Said agreement shall set forth that the subscribers thereto associate themselves with the intention of forming a corporation to transact business within the commonwealth, and shall specify:
First. — The name by which the corporation shall be known.
Second. — The purpose for which it is to be formed.
Third. — The town where its main office is to be located.
Fourth. — The residence and post office address of each associate.
Fifth. — The number of shares of each class subscribed for by each associate.
Each associate shall subscribe for at least one paid-up share; provided, however, that an aggregate of not less than fifty paid-up shares shall be subscribed for by the associates. Such shares shall be paid for in cash to the corporation before it commences business and, except with the written approval of the commissioner, none of such shares shall be assigned, pledged or redeemed prior to the expiration of two years from the date of their issue.
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.