AN ACT RELATIVE TO CORPORATORS AND TRUSTEES OF SAVINGS BANKS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 9 of chapter 168 of the General Laws, as appearing in the 1984
Official Edition, is hereby amended by striking out the
first sentence and inserting in place thereof the following
sentence:- 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.
Section 10 of said chapter 168, as so appearing, is hereby amended by
striking out paragraph 2 and inserting in place thereof the following paragraph:-
2. Qualifications. - The business of such corporation shall be managed by
the board of trustees, of which not less than three-fourths shall be
citizens of the commonwealth and residents therein. A trustee shall at the
time of his election or within thirty days thereafter, be a depositor of
such corporation. At least two trustees of such board shall at the time of
their election be residents of the city or town wherein the main office of
such corporation is located.