Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately establish the procedure for the election of directors of the Massachusetts Credit Union Share Insurance Corporation, 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,
The first paragraph of section 4 of chapter 294 of the acts of 1961 is hereby amended by striking out subparagraph (b), as appearing in chapter 401 of the acts of 1986, and inserting in place thereof the following subparagraph:-
(b) On and after the annual meeting of the corporation to be held in the year nineteen hundred and eighty-six, directors may also be elected from excess member credit unions so long as the combined number of regular member and excess member directors, subject to the exception contained in subparagraph (a), does not exceed eleven. Of the total number of such directors elected, not more than one-third at any one time shall represent credit unions in any one county of the commonwealth.