AN ACT RELATIVE TO THE MANAGEMENT OF SAVINGS BANKS AND TAX ESCROW REQUIREMENTS OF CERTAIN MORTGAGES.
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. Paragraph 6 of subsection B of section 2 of chapter 167E of the General Laws, as appearing in the 1998 Official Edition, is hereby amended by striking out the fourth sentence.
SECTION 2. The second paragraph of paragraph 7 of said subsection B of said section 2 of said chapter 167E, as so appearing, is hereby amended by striking out the second sentence.
SECTION 3. Paragraph 9 of said subsection B of said section 2 of said chapter 167E, as so appearing, is hereby amended by striking out the third sentence.
SECTION 4. Chapter 168 of the General Laws is hereby amended by striking out section 8, as so appearing, and inserting in place thereof the following section:-
Section 8. Meetings of the corporators, board of trustees and board of investment of such corporation shall be held in the town wherein the main office of the corporation is located, or at any other place within the counties in which the bank has a branch office.
SECTION 5. Section 9 of said chapter 168, as so appearing, is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- Corporators shall be elected for a term of ten years, but a corporator shall not serve beyond the retirement age as established by the bank's by-laws.
SECTION 6. The second paragraph of section 13 of said chapter 168, as so appearing, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- The president shall be a trustee.
SECTION 7. Subparagraph 3 of the seventh paragraph of section 65 of chapter 171 of the General Laws, as so appearing, is hereby amended by striking out the third sentence.
SECTION 8. Subparagraph 4 of said seventh paragraph of said section 65 of said chapter 171, as so appearing, is hereby amended by striking out the fourth sentence.
SECTION 9. The first paragraph of subparagraph 5 of said seventh paragraph of said section 65 of said chapter 171, as so appearing, is hereby amended by striking out the third sentence.
SECTION 10. A bank or credit union chartered by the commonwealth and required by a law in effect before the effective date of this act to pay, at least quarterly, a proportionate part of the estimated real estate taxes and betterment assessment on the mortgaged real estate, may waive the same with respect to any mortgage held by it which was executed before said effective date.