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,
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
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.