Massachusetts H1079 amends state credit union charter to allow conversions to mutual savings banks or cooperative banks.

Massachusetts H1079 amends the state credit union charter to allow credit unions to convert into mutual savings banks or cooperative banks. The bill outlines the process for conversion, including the need for approval by a majority of members and the commissioner. It also details the requirements for the conversion plan, such as financial statements and disclosures about potential impacts on members. The bill specifies that the converted entity will assume all rights, privileges, and powers of the original charter type and will be subject to the same obligations and liabilities.

Massachusetts H1079 amends state credit union charter to allow conversions to mutual savings banks or cooperative banks.

Massachusetts H1079 amends the state credit union charter to allow credit unions to convert into mutual savings banks or cooperative banks. The bill outlines the process for conversion, including the need for approval by a majority of members and the commissioner. It also details the requirements for the conversion plan, such as financial statements and disclosures about potential impacts on members. The bill specifies that the converted entity will assume all rights, privileges, and powers of the original charter type and will be subject to the same obligations and liabilities.