Section 1 Definitions - Massachusetts Statutes

Section 1. The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings:—

“Bank day”, the day in each month on which payments upon serial shares shall be due.

“Commissioner”, the commissioner of banks.

“Corporation” or “bank”, a co-operative bank incorporated as such in this commonwealth.

“Co-operative bank mortgage”, a loan represented by a note secured by a mortgage upon real estate and a pledge of a share of the corporation for each two hundred dollars loaned.

“Net profits”, the profits appearing before payment or provision for payment of federal taxes based on income, and before making the transfers and distributions provided by section twenty and subsection (2) of section twenty-one.

“Share capital” or “share liability”, the total sum due at any given time upon all shares and accounts referred to in chapter one hundred and sixty-seven D which shares and accounts shall be deemed to be deposits.

“Shareholder” or “member”, a depositor or holder of any shares or accounts referred to in chapter one hundred and sixty-seven D.

“Shareholders’ meeting” or “meeting of shareholders”, any annual or special meeting of members of the corporation entitled to vote.