Section 21 of chapter 171 of the by ps94506

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									                       ACTS, 1973. — C H A P . 26.                   13

   Section 21 of chapter 171 of the General Laws is hereby amended
by striking out the first sentence, as amended by chapter 205 of the
acts of 1972, and inserting in place thereof the following sen-
tence: — The capital, deposits, and surplus of a credit union shall
be invested in loans to members, with approval of the credit com-
mittee, as provided in section twenty-two, and also when so required
herein, of the board of directors; and any capital, deposits, or
surplus funds in excess of the amount for which loans shall be
approved by the credit committee and the board of directors may
be deposited in savings banks or trust companies incorporated in
the commonwealth, or in banking companies so incorporated and
which members of the Federal Deposit Insurance Corporation, or
in.national banks located in the commonwealth, or invested in any
bonds, notes, certificates of deposit, bankers' acceptances, bank
stocks, or bank holding company stocks, or insurance stocks, which
are at the time of their purchase legal investments for savings
banks in the commonwealth, or in bonds of governments of coun-
tries friendly to the United States, as defined by the United States
Department of State, or, to the extent authorized by section three
of chapter two hundred and sixteen of the acts of nineteen hundred
and thirty-two, in the shares of the Central Credit Union Fund,
Inc., or in paid-up shares and accounts of and in co-operative banks
incorporated in the commonwealth, or in the shares of savings and
loan associations incorporated in the commonwealth, or in the
shares of federal savings and loan associations having a usual place
of business within the commonwealth to an amount not in excess
of the insurance provided by the Federal Savings and Loan Insur-
ance Corporation for a depositor, in any one of such associations,
but not more than ten per cent of the assets of a credit union shall
be invested in bank stocks, or bank holding company stocks or in-
surance stocks or in all three of such types of stock; provided, that
not more than fifteen thousand dollars or one per cent of the assets
of a credit union, whichever is greater, shall be invested in the stock
of any one bank, b a n k h o l d i n g company or insurance company.
                                          Approved February 13, 1973.


Chap. 26.     A N A C T FURTHER      REGULATING      CONSOLIDATION   OF
              CREDIT UNIONS.
Be it enacted, etc., as follows:
   Section 30 of chapter 171 of the General Laws is hereby amended
by striking out the first and second paragraphs, as appearing in
chapter 90 of the acts of 1946, and inserting in place thereof the
following two paragraphs: —
   Any two or more credit unions may consolidate into a single
corporation on such terms as shall have been agreed upon by a
vote of two thirds of the board of directors of each corporation, and
as shall have been approved in writing by the commissioner; pro-
vided, t h a t such action is approved at a special meeting of the
14                ACTS, 1973.   — C H A P . 27.

members of each corporation called for t h a t purpose, by a vote of
at least two thirds of those members present, qualified to vote, and
voting; and provided further, t h a t such consolidation has been
approved in writing by the board of directors of the Massachusetts
Credit Union Share Insurance Corporation, if one or more of said
credit unions is a member of said corporation. Notice of such
meeting, setting forth the terms of consolidation agreed upon, shall
be sent by the clerk of each credit union to each member thereof
by postpaid mail at least ten days before the date of the meeting,
and, if the commissioner so orders, shall also be advertised in such
manner as the commissioner may direct in one or more newspapers
published in each town in which any of said credit union does
business or in another town in the same county. A certificate sub-
scribed by the presidents and clerks of all such credit unions,
setting forth that each of such credit unions has complied with all
of the requirements of this section, shall be submitted to the com-
missioner; and, if the commissioner and the board of directors of
the Massachusetts Credit Union Share Insurance Corporation ap-
prove such consolidation, they shall endorse their approval upon
such said certificate, whereupon such consolidation shall become
effective. A new name, or the name of any of the consolidating
credit unions, may be adopted as the name of the continuing credit
union at the meetings herein provided for, and, upon approval of
the consolidation it shall become the name of the continuing credit
union without further action under the laws of the commonwealth
respecting change or adoption of a new name on the part of the
 continuing credit union.
   If none of the credit unions to be consolidated is a member of
the Massachusetts Credit Union Share Insurance Corporation, the
commissioner shall, and if one or more of said credit unions is a
member of the Massachusetts Credit Union Share Insurance Cor-
poration, then the commissioner and the board of directors of the
Massachusetts Credit Union Share Insurance Corporation shall
determine the value of shares, and deposits, if any, in each consoli-
dated credit union; and the guaranty fund, reserve fund, and
undivided earnings, if any, of each of such credit unions shall be
disposed of as he or they may direct.
                                    Approved February 13, 1973.


Chap. 27.    A N ACT INCREASING T H E AMOUNT OF MONEY THAT MAY
             BE EXPENDED BY THE COUNTY COMMISSIONERS OF HAMP-
             SHIRE COUNTY FOR THE PURPOSE OF PROMOTING THE
             RECREATIONAL, AGRICULTURAL AND INDUSTRIAL ADVAN-
             TAGES OF SAID COUNTY.
Be it enacted, etc., as follows:
   Section 1 of chapter 588 of the acts of 1967, as amended by chap-
ter 54 of the acts of 1970, is hereby further amended by striking
out the first sentence and inserting in place thereof the following

								
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