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By Mr. Spellane of Worcester, petition (accompanied by bill, House, No. 1090) of Robert P. Spellane relative to the Massachusetts Credit Union Share Insurance Corporation. Financial Services. |
The Commonwealth of Massachusetts
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PETITION OF:
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By Mr. Spellane of Worcester, petition (accompanied by bill, House, No. 1090) of Robert P. Spellane relative to the Massachusetts Credit Union Share Insurance Corporation. Financial Services. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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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:
Section 80A of Chapter 171 of the general laws is hereby amended by inserting after the second paragraph, the following paragraph:-
A credit union insured by the Massachusetts Credit Union Share Insurance Corporation shall file notification of its intent to convert with the Massachusetts Credit Union Share Insurance Corporation at least 90 days before the date of the proposed special meeting of the members. No credit union may convert pursuant to this section so long as any financial assistance provided by the Massachusetts Credit Union Share Insurance Corporation to such credit union remains unpaid or has not been compromised or settled.