Massachusetts S720 amends the state credit union charter to allow mutual savings banks and cooperative banks to convert into credit unions.

Massachusetts S720 amends the state credit union charter to allow mutual savings banks and cooperative banks to convert into credit unions. The bill outlines the process for conversion, including the need for board approval, member notification, and a vote by members. It also specifies that the converted entity will assume all rights, duties, and liabilities of the converting entity. The bill further details the requirements for filing a conversion plan with the commissioner, including disclosures about the conversion's impact and potential benefits.

Massachusetts S720 amends the state credit union charter to allow mutual savings banks and cooperative banks to convert into credit unions.

Massachusetts S720 amends the state credit union charter to allow mutual savings banks and cooperative banks to convert into credit unions. The bill outlines the process for conversion, including the need for board approval, member notification, and a vote by members. It also specifies that the converted entity will assume all rights, duties, and liabilities of the converting entity. The bill further details the requirements for filing a conversion plan with the commissioner, including disclosures about the conversion's impact and potential benefits.