MA S723

Credit unions would be authorized to purchase assets and assume deposit liabilities of mutual banks or stock banks, with purchased bank branches automatically becoming credit union branches without additional approval

Bank dissolution requires written commissioner approval and a 2/3 vote of the bank's voting body at a specially called meeting

A 3-member committee prescribed by the commissioner would liquidate bank assets, satisfy debts, and distribute remaining proceeds proportionally to those entitled

Expedited liquidation procedures would be established for business combinations where a credit union or mutual bank acquires a dissolving bank and assumes all liabilities, allowing immediate dissolution after the combination

Depositors of an acquired bank must become credit union members within 2 years of transaction approval, with possible commissioner extension