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2022 Massachusetts General Laws
Part I - Administration of the Government
Title XXII - Corporations
Chapter 171 - Credit Unions
Section 73 - Borrowing on Behalf of Credit Union
Universal Citation: MA Gen L ch 171 § 73 (2022)
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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