Section 30 Limitations on shares and deposits - Massachusetts Statutes

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 to an amount not exceeding, in the aggregate, $100,000 and he may jointly, with 1 or more persons, hold shares or make deposits, or both, to an amount not exceeding, in the aggregate, $125,000 exclusive of club deposits. A member of a credit union having assets of $4,000,000 or more may hold shares or make deposits, or both, in his own name, to an amount not exceeding, in the aggregate, $500,000 and may jointly, with 1 or more persons, hold shares or make deposits or both to an amount not exceeding, in the aggregate, $600,000 exclusive of club accounts. A member of a credit union having assets of $30,000,000 or more may hold shares or make deposits or both, in his own name, to an amount not exceeding, in the aggregate, $600,000 and may jointly, with 1 or more persons, hold shares or make deposits or both, to an amount not exceeding, in the aggregate, $1,200,000. The limitations on deposits and shares provided herein shall be exclusive of accumulated interest or dividends.

An organization member may purchase shares or have on deposit an amount equal to that permitted a member jointly with other persons as provided for herein; provided, however, that the total of such payments by all organization members shall not exceed, at any time, twenty-five percent of the assets of the credit union.

The preceding limitations shall also apply to members of credit unions which are insured by the National Credit Union Administration; 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 said administration unless the excess is insured by the Massachusetts Credit Union Share Insurance Corporation pursuant to section six D of chapter two hundred and ninety-four of the acts of nineteen hundred and sixty-one.