Section 73. The board of directors, with the approval of the commissioner, may borrow money for and in behalf of the credit union.
Said board may, if the credit union has a deposit or share account therein, borrow money for and on behalf of the credit union, without the approval of the commissioner, from a savings bank, cooperative bank, federal savings and loan association, national bank or trust company, the Central Credit Union Fund, Inc., or the Eastern Corporate Federal Credit Union; provided, however, that money borrowed from such institution is in an amount not exceeding said deposit or share account and is for a time not extending beyond the end of a one year period from the date on which the loan is made.
The board of directors shall forthwith report the terms and conditions of any such borrowing and of any renewal, renegotiation or refinancing thereof to the commissioner, and if the credit union is a member thereof, to the Massachusetts Credit Union Share Insurance Corporation. Said board shall provide such reports, financial statements and other information as the commissioner or, if the credit union is a member thereof, the Massachusetts Credit Union Share Insurance Corporation may from time to time request while any such borrowing or portion thereof remains unpaid.
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.