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 10 of chapter 171 of the General Laws is hereby amended by striking out the second sentence, as amended by chapter 56 of the acts of 1985, and inserting in place thereof the following sentence:- Shares shall be of a par value of not less than five dollars but not more than twenty-five dollars each and shall be subscribed and paid for in such manner as the by-laws of the credit union shall prescribe.

SECTION 2. The second paragraph of section 25 of said chapter 171, as appearing in the 1984 Official Edition, is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- Dividends due to a member shall, at his election, be paid to him in cash or be credited to his account in either shares or deposits; provided, however, that dividends may not be declared or paid on less than one full share.