§ 1 Definitions
§ 2 Powers
§ 3 Change of corporate name
§ 4 Capital structure upon incorporation
§ 5 Formation of co-operative bank; powers, privileges and duties related to corporations; agreement of association
§ 6 Notice of intention to form co-operative bank; application for certificate
§ 7 First meeting of incorporators
§ 8 Articles of organization; certificate of incorporation
§ 9 List of stockholders; issuance of certificate authorizing corporation to begin transaction of business
§ 10 Applicability of sections to mutual banks and to stock banks
§ 11 By-laws of mutual bank; notice of regular and special meetings of shareholders; meetings of board of directors
§ 12 Members; voting rights
§ 13 Board of directors; clerk; directors and officers; records of meetings
§ 14 Security committee; audit committee
§ 15 Treasurer and assistant treasurer; duties
§ 16 Adoption of by-laws; regulations controlling assignment and transfer of shares; quorum
§ 17 Stockholder voting; votes by proxy
§ 18 Board of directors of co-operative bank; executive committee
§ 19 Election of officers
§ 20 Action without meeting
§ 21 Cooperative banks employees retirement association
§ 22 By-laws of cooperative banks employees retirement association
§ 23 Exemption of cooperative banks employees retirement association property and funds from taxation, operation of law relating to insolvency, attachment and execution; assignment of rights
§ 24 Co-operative banks employees benefit association
§ 25 By-laws of co-operative banks employees benefit association
§ 26 Exemption of co-operative banks employees benefit association property from taxation, operation of law relating to insolvency, attachment and execution; assignment of rights
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Terms Used In Massachusetts General Laws > Chapter 170 - Co&Ndash;Operative Banks

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Oath: A promise to tell the truth.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Quorum: The number of legislators that must be present to do business.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.