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The 190th General Court of the Commonwealth of Massachusetts

AN ACT FURTHER REGULATING THE RESERVE FUND FOR CREDIT UNIONS.

     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.  The first paragraph of section 8A of chapter 294 of the acts of 1961, as appearing in section 2 of chapter 220 of the acts of 2012, is hereby amended by striking out the last sentence and inserting in place thereof the following 2 sentences:-  After the fund attains a total asset basis of $50,000,000, deposits of 1 member shall not exceed 20 per cent of all deposits in the fund. If the fund attains a total asset basis of $50,000,000 and that attainment results in a member having deposited more than 20 per cent of all the deposits in the fund, that member shall be allowed to keep on deposit in the fund those amounts previously deposited but shall not be allowed to make an additional deposit until the member’s total deposits would be not more than 20 per cent of all deposits in the fund.
     SECTION 2.  Said section 8A of said chapter 294, as so appearing, is hereby further amended by striking out the last paragraph and inserting in place thereof the following paragraph:-
     The assets of the fund shall be invested only in investments otherwise permitted as investments for the corporation under applicable law or regulation.

Approved, January 13, 2017