Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately facilitate membership in the Mutual Savings Central Fund, Inc. for federally chartered institutions that convert to state chartered savings banks, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Section 38 of chapter 168 of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the third paragraph and inserting in place thereof the following paragraph:-
The commissioner may establish the procedure to be followed by any such federal savings and loan association or federal savings bank converting into a savings bank; provided, however, that no such conversion shall become effective unless approved in writing by the commissioner; and provided, further, that the commissioner shall not grant such approval until he has received notice from the Mutual Savings Central Fund, Inc. that arrangements satisfactory to it have been made for such conversion.
SECTION 2. The fifth paragraph of said section 38 of said chapter 168, as so appearing, is hereby amended by striking out the third sentence and inserting in place thereof the following sentence:- In addition to the payment to said Reserve Fund, the succeeding corporation shall pay to the Deposit Insurance Fund such proportion of the current and annual assessment as shall have accrued to the date of said certificate.
SECTION 3. Section two of this act shall take effect as of January first, nineteen hundred and seventy-five.