Section 12. A mutual bank shall have at least 25 corporators and may, at a legal meeting of the corporators, elect by ballot to be a corporator any person who is a resident of the commonwealth, or any person who resides in another state; provided, however, that not less than a majority of said corporators shall be citizens of the commonwealth and residents therein at any 1 time. Corporators shall be elected for a term of 10 years; provided, however, that a corporator shall not serve beyond the retirement age as established by the bank's by-laws. No person shall serve as a corporator of more than 1 savings bank and no corporator shall, after January 1, 1975, serve as an officer or director of a national bank, trust company, co-operative bank, savings and loan association or credit union. A corporator shall, at the time of the corporator's election or within 30 days thereafter, be a depositor of such corporation. Any person serving as a corporator of a savings bank may at the same time serve as a director or other officer of a trust company or a national bank that does not make real estate mortgage loans and does not accept savings deposits from natural persons.
No person shall continue to be a corporator after removing from the commonwealth unless, at the annual meeting following such removal, the corporators shall vote to continue such person as a corporator subject to the limitations of this section applicable to nonresident corporators.
Any person may, at an annual or special meeting of the corporators, cease to be a corporator if, at least 3 days before such meeting, the person has filed with the clerk a written notice of the corporator's intention so to do. If a corporator fails to attend 2 consecutive annual meetings, such corporator's membership may, by vote of the corporators at their next annual meeting, be declared forfeited and such action and vote when recorded shall be evidence of such forfeiture. Not more than 3/5 of the corporators of any such corporation shall be trustees or officers thereof at any 1 time.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.