AN ACT ALLOWING A CREDIT UNION TO MAKE LOANS TO A MEMBER WHO HAS A SPECIAL NOTICE ACCOUNT.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Paragraph 5 of subdivision (A) of section 24 of chapter 171 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 credit union may, upon application by a
shareholder or depositor or by either of two joint shareholders or
depositors in a special notice account, make a loan to him, secured by his
share or deposit passbook, in an amount not exceeding said share or deposit
balance, for a time not extending beyond the end of the dividend period in
which the loan was made or one year from the day on which the loan was
made, whichever is longer.