2019 Massachusetts General Laws
Part I - Administration of the Government
Title XXII - Corporations
Chapter 171 - Credit Unions
Section 30 - Limitations on Shares and Deposits

Universal Citation: MA Gen L ch 171 § 30 (2019)

Section 30. Every member of a credit union shall hold 1 share and may hold shares or make deposits, or both, therein, in his own name and he may jointly, with one or more persons, hold shares or make deposits, or both. An organizational member may purchase shares or make deposits; provided, however, that the total of the payments by all organizational members shall not exceed, at any time, 25 per cent of the assets of the credit union.

This section shall apply to members of credit unions which are insured by the National Credit Union Administration; provided, however, that no such credit union shall accept deposits or payments for shares for the account of a shareholder or depositor in excess of the amount which is insured by the National Credit Union Administration unless the excess is insured by the Massachusetts Credit Union Share Insurance Corporation pursuant to section 6D of chapter 294 of the acts of 1961.

Disclaimer: These codes may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.