The shareholders of every such corporation shall make and adopt by-laws, consistent with law, for the government of its affairs. The by-laws shall provide for and determine:
(a) The name of the corporation.(b) The purposes for which it is formed.(c) The condition of residence, occupation or association which qualify persons for membership.(d) The conditions on which shares may be paid in, transferred and withdrawn.(e) The conditions on which deposits may be received and withdrawn.(f) The method of receipting for money paid on account of shares or deposits or repaid on loans.(g) The number of directors and the number of years for each term.(h) The number of members of the credit committee, if applicable, as required by the by-laws.(i) The time of holding regular meetings of the board of directors, the credit committee if applicable, as required by the by-laws and the auditing committee.(j) The duties of the several officers.(k) The entrance fees, if any, to be charged.(l) The fines, if any, to be charged for failure to meet obligations to the corporation punctually.(m) The date of the annual meeting.(n) The manner in which members shall be notified of the annual meeting and special meetings.(o) The number of members who shall constitute a quorum at all meetings.(p) Such other policies as may be deemed to be necessary.Mass. Gen. Laws ch. 171, § 9
Amended by Acts 2020 , c. 338, §§ 24, 25 eff. 4/12/2021.