Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Paragraph 29 of section 2 of chapter 167F of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by striking out the second sentence.
SECTION 2. The second paragraph of section 21 of chapter 171 of the General Laws, as so appearing, is hereby amended by adding the following paragraph:-
(x) A credit union may contribute such sum or sums of money as its board of directors may determine to be reasonable (a) to any private nonprofit organization organized for the purpose of improving the social and economic conditions in the community where such credit union is established, including any educational institution, and to any educational institution located outside that community for the purpose of providing scholarships for the benefit of residents of that community; or (b) to any fund being raised by a committee or agency for the purpose of relieving suffering or distress resulting from disaster or other calamity occurring in any part of the commonwealth.
SECTION 3. Said chapter 171 is hereby further amended by inserting after section 21C, as so appearing, the following section:-
Section 21D. A credit union may, by vote of its board of directors, obtain membership in certain organizations, and may make contributions and subscribe for services, subject to the conditions and requirements of this section.
(1) A credit union may become a member of any association organized to protect and promote the interests of credit unions, and may pay for such membership its proportionate share of expenses as is reasonable and necessary.
(2) A credit union may become a member of or contribute to any other association or organization in the commonwealth if, in the opinion of its board of directors, such membership or contribution is reasonable and of substantial benefit to such credit union and its members.
(3) For the purpose of promoting, protecting or conserving the assets of credit unions, a credit union may subscribe for services, including advertising and professional services, rendered or to be rendered collectively through an association referred to in paragraph (1) or through any group of credit union institutions; and in each such case, the credit union, with the approval of its board of directors, may pay for such services its proportionate share of the total cost thereof or such other amount as the said board shall deem reasonable and proper.