AN ACT FURTHER REGULATING THE POWERS OF THE BOARD OF DIRECTORS OF CREDIT UNIONS TO BORROW FUNDS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 16 of chapter 171 of the General Laws is hereby amended
by striking out the fifth sentence, as most recently amended by
chapter 314 of the acts of 1972, and inserting in place thereof the
following sentence:- 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, co-operative
bank, federal savings and loan association, national bank or trust company,
the Central Credit Union Fund, Inc., or the Mass Cuna Corporate Central
Federal Credit Union; provided 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.