Massachusetts General Laws ch. 171 sec. 84 – Credit Union Employees Retirement Association; tax exemption; attachment
Section 84. The property of the association, the portion of the compensation of any employee deducted or to be deducted under sections eighty-two and eighty-three, the right of an employee to an annuity or pension and all his rights in the funds of the association, shall be exempt from taxation and from the operation of any law relating to insolvency, insurance, retirement systems or pensions and shall not be attached or taken on execution or other process to satisfy any debt or liability of the association, a participating credit union or any employee member of the association. No assignment of any right in or to said funds or of any pension or annuity payable under section eighty-two shall be valid.
Terms Used In Massachusetts General Laws ch. 171 sec. 84
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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.
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- Oath: A promise to tell the truth.
- Trustee: A person or institution holding and administering property in trust.
Nothing in this section shall be construed to prevent an employee’s annuity or pension from being attached, taken on execution, assigned or subject to other process to satisfy a support order under chapter two hundred and eight, two hundred and nine, or two hundred and seventy-three.
{SMPS}Officers. -There shall be a board of not less than 9 and not more than 15 directors who shall be elected by the delegates of the member credit unions as follows: {SMPS}(a) Not fewer than 6 and not more than 11 directors shall be elected from the member credit unions. Directors elected from the membership shall serve in the capacity of president or chief executive officer, or equivalent, of the member credit union at the time of their election. {SMPS}(b) On and after the annual meeting of the corporation to be held in the year 1986, directors may also be elected from excess member credit unions so long as the combined number of regular member and excess member directors does not exceed 11. {SMPS}(c) There shall be 3 or 4 outside directors, as determined pursuant to subparagraph (d). {SMPS}(d) Outside directors shall be elected from a list of persons nominated by member credit unions, none of whom shall be directors, officers, employees or agents of a member credit union or a director, trustee or other officer of any other financial institution. Each member credit union may nominate persons to be such a director by filing the name of such person with the board of directors not later than 60 days prior to the annual meeting; provided, however, that any such person shall be qualified by training and experience in one of the following fields: business judgement, insurance, investments, real estate, accounting or law. {SMPS}Each director shall be elected for a 3-year term, except as otherwise provided. All directors shall be sworn and hold office until their successors are qualified. If a person elected does not within 30 days thereafter take the oath of office, the office shall thereupon become vacant. The directors shall fill any vacancies on the board until the next annual meeting. The directors may adopt such rules and regulations as they may deem necessary to effect the purposes of this act, provided that such rules and regulations shall not become effective until they have been approved by the commissioner, and for such purposes the commissioner may confer and advise with the directors and furnish them with such information as they may request. {SMPS}There shall be a chairman of the board, vice-chairman of the board, president, treasurer and clerk of the corporation and such other officers and committees thereof as the board of directors may deem necessary, which officers and committees shall be elected annually by the directors, at a meeting held not more than 60 days following the adjournment of the annual delegates meeting. The chairman and vice-chairman shall be elected from the board of directors and the president may be elected from the board of directors. The clerk of the corporation shall be the clerk of the board of directors. The directors may fill any vacancies in said offices and committees until the next annual meeting and, for cause shown, may remove by a 2/3rd vote of all members of the board, any officer or committee member. {SMPS}The number of directors provided in subparagraphs (a) and (c) shall be determined from time to time by a 2/3rd vote of the board of directors. Notwithstanding such vote by the board of directors, any person who is serving as a director of the corporation at the time of such a vote shall be entitled to serve the remaining time on their then current term of office.