Massachusetts General Laws ch. 168 sec. 21A – Action without meeting
Section 21A. Subsection (a) to (d), inclusive, shall apply to meetings of the board and its committees for both a savings bank in mutual form or in stock form.
Terms Used In Massachusetts General Laws ch. 168 sec. 21A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trustee: A person or institution holding and administering property in trust.
(a) Unless the articles of organization or by-laws provide that action, required or permitted by this chapter or another general law, shall be taken by the trustees or directors only at a meeting, the action may be taken without a meeting if the action is taken by the unanimous consent of the members of the board of trustees or directors. The action shall be evidenced by 1 or more consents describing the action taken, in writing, signed by each trustee or director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of trustees or directors and included in the minutes or filed with the corporate records reflecting the action taken.
(b) Action taken under this section is effective when the last trustee or director signs or delivers the consent, unless the consent specifies a different effective date.
(c) A consent signed or delivered under this section has the effect of a meeting vote and may be described as such in any document.
(d) This section shall also apply to committees and their members.