Section 37. A credit union may receive shares or deposits, under the terms of a written plan approved by the commissioner, from any labor union, association, trust, public utility, partnership, corporation, college, university, insurance company, charity, any city, town, county or district of the commonwealth or by any instrumentality thereof or individual for the sole purpose of making loans guaranteed in whole or in part by the Massachusetts Higher Education Assistance Corporation; provided, however, that no such plan shall discriminate against any applicant otherwise eligible for such a loan; and, provided further, that such deposits shall not exceed twenty percent of the assets of the credit union.

Terms Used In Massachusetts General Laws ch. 171 sec. 37

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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