Section 30. Every member of a credit union shall hold 1 share and may hold shares or make deposits, or both, therein, in his own name and he may jointly, with one or more persons, hold shares or make deposits, or both. An organizational member may purchase shares or make deposits; provided, however, that the total of the payments by all organizational members shall not exceed, at any time, 25 per cent of the assets of the credit union.

Terms Used In Massachusetts General Laws ch. 171 sec. 30

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC

This section shall apply to members of credit unions which are insured by the National Credit Union Administration and to members of low-income credit unions; provided, however, that no such credit union shall accept deposits or payments for shares for the account of a shareholder or depositor in excess of the amount which is insured by the National Credit Union Administration unless the excess is insured by the Massachusetts Credit Union Share Insurance Corporation pursuant to section 6D of chapter 294 of the acts of 1961.

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