Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 9 of chapter 168 of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- Such corporation shall have at least twenty-five 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 three-fourths of said corporators shall be citizens of the commonwealth and residents therein at any one time.

SECTION 2. Section 10 of said chapter 168, as so appearing, is hereby amended by striking out paragraph 2 and inserting in place thereof the following paragraph:-

2. Qualifications. - The business of such corporation shall be managed by the board of trustees, of which not less than three-fourths shall be citizens of the commonwealth and residents therein. A trustee shall at the time of his election or within thirty days thereafter, be a depositor of such corporation. At least two trustees of such board shall at the time of their election be residents of the city or town wherein the main office of such corporation is located.