Massachusetts General Laws

Mass. Gen. Laws ch. 171, § 24 (2026)

Indemnification of directors, officers and employees; liability insurance

✓ current as of July 2026

Find cases: SyfertCases citing this section MAmalegislature.gov (official) JustiaChapter on Justia CornellLII Search CasesGoogle Scholar

Section 24. A credit union may indemnify its directors, officers, employees and other agents to whatever extent specified in or authorized by a by-law adopted pursuant to law. Such indemnification may include payment by the credit union of expenses incurred in defending a civil or criminal action or proceeding in advance of the final disposition of such action or proceeding upon receipt of an undertaking by the person indemnified to repay such payment if he shall be adjudicated to be not entitled to indemnification under this section. Any such indemnification may be provided although the person to be indemnified is no longer an officer, director, employee or agent of the credit union.

No indemnification shall be provided for any person with respect to any matter as to which he shall have been adjudicated in any proceeding not to have acted in good faith in the reasonable belief that his action was in the best interests of the credit union.

A credit union shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or other agent of the credit union against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the credit union would have the power to indemnify him against such liability.

Notes of Decisions

Cited in 4 cases, 1977–1991 · leading case: First Fed. Sav. & Loan Ass'n v. State Tax Comm'n, 363 N.E.2d 474 (Mass. 1977).

Sort: Relevance Newest Treatment

First Fed. Sav. & Loan Ass'n v. State Tax Comm'n, 363 N.E.2d 474 (Mass. 1977). · cites it 2× “G. L. c. 171, § 24. Although credit unions are authorized to make loans secured by first mortgages on real estate, in practice they invest a far lesser proportion of their funds in real estate mortgage loans than do the institutions subject to the excise.”

Heffernan v. Wollaston Credit Union, 567 N.E.2d 933 (Mass. App. Ct. 1991). · cites it 2× “See G. L. c. 171, § 24 (governing mandatory loans to depositors by credit unions).”

Greenleaf Fin. Co. v. Small Loans Regulatory Bd., 385 N.E.2d 1364 (Mass. 1979). “170, § 26(8) ($9,000 ceiling on personal loans by certain cooperative banks); G. L. c. 171, § 24(A) (separate ceilings for credit unions with varying amounts of total assets and insurance coverage).”

Chrysler First Bus. Credit Corp. v. Feuer, 539 N.E.2d 1056 (Mass. App. Ct. 1989). · cites it 2× “Sharon says, however, that the provisions of § 9-104(/') do not control in the case of credit unions, which are governed in material respects by G. L. c. 171, § 24(D). That statute, as appearing in St.”

— Mass. Gen. Laws ch. 171, § 24(A) — 1 case

Greenleaf Fin. Co. v. Small Loans Regulatory Bd., 385 N.E.2d 1364 (Mass. 1979). “170, § 26(8) ($9,000 ceiling on personal loans by certain cooperative banks); G. L. c. 171, § 24(A) (separate ceilings for credit unions with varying amounts of total assets and insurance coverage).”

— Mass. Gen. Laws ch. 171, § 24(D) — 1 case

Chrysler First Bus. Credit Corp. v. Feuer, 539 N.E.2d 1056 (Mass. App. Ct. 1989). “Sharon says, however, that the provisions of § 9-104(/') do not control in the case of credit unions, which are governed in material respects by G. L. c. 171, § 24(D). That statute, as appearing in St.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.