AN ACT RELATIVE TO THE MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Subsection (a) of section 80A of chapter 171 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by adding the following 3 sentences:-
A credit union insured by the Massachusetts Credit Union Share Insurance Corporation shall file notification of its intent to convert with said corporation at least 90 days before the date of the proposed special meeting of the members of the credit union. No credit union may convert pursuant to this section so long as any financial assistance provided by said corporation to such credit union remains unpaid or has not been compromised or settled. Any such repayment, compromise or settlement shall be approved by the commissioner.