Mass. General Laws c.171, § 73

Borrowing on behalf of credit union

This is an unofficial version of a Massachusetts General Law. For more information on this topic, please see Law about credit and banking.

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Updates

Amended by St.2020, c.338, § 68, effective April 12, 2021

Section 73

The board of directors may borrow money for and on behalf of the credit union.

The board may, if the credit union has a deposit or share account, borrow money for and on behalf of the credit union from a savings bank, cooperative bank, federal savings and loan association, national bank or trust company, an entity identified by the commissioner or any federally-insured corporate credit union; provided, however, that money borrowed from any such institution shall be in an amount not more than the deposit or share account and shall extend not more than 1 year from the date on which the loan is made.

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Last updated: January 12, 2021

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