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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 171 CREDIT UNIONS
  • Section 73 Borrowing on behalf of credit union

Section 73. The board of directors, with the approval of the commissioner, may borrow money for and in behalf of the credit union.

Said board may, if the credit union has a deposit or share account therein, borrow money for and on behalf of the credit union, without the approval of the commissioner, from a savings bank, cooperative bank, federal savings and loan association, national bank or trust company, the Central Credit Union Fund, Inc., or the Eastern Corporate Federal Credit Union; provided, however, that money borrowed from such institution is in an amount not exceeding said deposit or share account and is for a time not extending beyond the end of a one year period from the date on which the loan is made.

The board of directors shall forthwith report the terms and conditions of any such borrowing and of any renewal, renegotiation or refinancing thereof to the commissioner, and if the credit union is a member thereof, to the Massachusetts Credit Union Share Insurance Corporation. Said board shall provide such reports, financial statements and other information as the commissioner or, if the credit union is a member thereof, the Massachusetts Credit Union Share Insurance Corporation may from time to time request while any such borrowing or portion thereof remains unpaid.