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Session Law

2004

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Chapter 244 AN ACT RELATIVE TO CREDIT UNION BOARDS OF DIRECTORS.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Chapter 171 of the General Laws is hereby amended by striking out section 25, as appearing in the 2002 Official Edition, and inserting in place thereof the following section:-

Section 25. A credit union may provide group life insurance, group accident and health insurance or group medical, surgical or hospital insurance or benefits or all or any combination thereof, for its employees, officers, and directors. Directors ineligible for the group benefit may be reimbursed up to the net dollar amount of the individual participant cost of the group benefit. The commissioner may establish regulations necessary to provide reasonable restrictions in connection therewith. The commissioner may also make adjustments and exceptions as in his judgment are necessary to carry out or facilitate compliance with this section.

This Bill having been returned by His Excellency the Governor with his objections thereto in writing (see Senate 2366) has been passed by the Senate, the objections of His Excellency the Governor to the contrary notwithstanding, two-thirds of the Senate (39 yeas to 0 nays) having agreed to the same.

Sent to the House of Representatives for its action.

Robert E. Travaglini, President.
William F. Welch, Clerk.

House of Representatives, July 14, 2004.

Passed by the House of Representatives, notwithstanding the objections of His Excellency the Governor, two-thirds of the members present (155 yeas to 0 nays) having approved the same.

Thomas M. Finneran, Speaker.
Steven T. James, Clerk.

Office of the Secretary August 2, 2004.

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