# Mass. Gen. Laws ch. 171, sec. 2: Incorporation; agreement of association > Massachusetts · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S2 ## Section - **Citation:** Mass. Gen. Laws ch. 171, sec. 2 - **Heading:** Incorporation; agreement of association - **Jurisdiction:** Massachusetts - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** MA Code / Part I / Title XXII / Chapter 171 / Section 2 ## Text Section 2. Ten or more persons, the majority of whom reside in the commonwealth, who have associated themselves by a written agreement with the intention of forming a corporation for the purpose of accumulating and receiving the savings of its members in payment for shares or on deposit, in making loans to them at reasonable rates for provident purposes and investing, as hereinafter provided, the funds so accumulated, may with the consent of the commissioner, become such a corporation upon complying with sections two to six, inclusive. Such corporation shall have all the powers and privileges, be subject to all the duties, restrictions and liabilities set forth in all General Laws relating to such corporations and may undertake such other activities relating to the purpose of the corporation as the by-laws may authorize. The agreement of association shall specifically state: (a) that the subscribers thereto associate themselves with the intention of forming a corporation; (b) the name by which the corporation shall be known. A corporation organized under this chapter shall include in its corporate name the words ''credit union''. Other distinguishing words may be used; (c) the location of the principal office of the corporation, which shall be within the commonwealth; (d) the purposes for which the corporation is formed and the nature of the business to be transacted; and (e) the name of each incorporator. Each incorporator shall subscribe his name to the agreement of association. Section 2. Ten or more persons, the majority of whom reside in the commonwealth, who have associated themselves by a written agreement with the intention of forming a corporation for the purpose of accumulating and receiving the savings of its members in payment for shares or on deposit, in making loans to them at reasonable rates for provident purposes and investing, as hereinafter provided, the funds so accumulated, may with the consent of the commissioner, become such a corporation upon complying with sections two to six, inclusive. Such corporation shall have all the powers and privileges, be subject to all the duties, restrictions and liabilities set forth in all General Laws relating to such corporations and may undertake such other activities relating to the purpose of the corporation as the by-laws may authorize. The agreement of association shall specifically state: (a) that the subscribers thereto associate themselves with the intention of forming a corporation; (b) the name by which the corporation shall be known. A corporation organized under this chapter shall include in its corporate name the words ''credit union''. Other distinguishing words may be used; (c) the location of the principal office of the corporation, which shall be within the commonwealth; (d) the purposes for which the corporation is formed and the nature of the business to be transacted; and (e) the name of each incorporator. Each incorporator shall subscribe his name to the agreement of association. ## Nearby sections - [Mass. Gen. Laws ch. 171, sec. 1 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S1.md) - [Mass. Gen. Laws ch. 171, sec. 2 Incorporation; agreement of association](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S2.md) - [Mass. Gen. Laws ch. 171, sec. 3 Notice to commissioner; investigation fee](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S3.md) - [Mass. Gen. Laws ch. 171, sec. 4 First meeting of incorporators; notice](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S4.md) - [Mass. Gen. Laws ch. 171, sec. 5 Articles of organization; certificate of incorporation](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S5.md) - [Mass. Gen. Laws ch. 171, sec. 6 Transaction of business; authorization; approval of by-laws; failure to commence](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S6.md) - [Mass. Gen. Laws ch. 171, sec. 6A Powers and permissible activities; regulations](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S6A.md) - [Mass. Gen. Laws ch. 171, sec. 6B Savings promotion raffles](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S6B.md) - [Mass. Gen. Laws ch. 171, sec. 7 Use of words ''credit union'' restricted; penalties](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S7.md) - [Mass. Gen. Laws ch. 171, sec. 8 Location changes; branches and depots; consolidations or mergers; mobile branch banking](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S8.md) - [Mass. Gen. Laws ch. 171, sec. 8A Purchase, establishment, installation, etc. of electronic branches; location; safeguards](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S8A.md) - [Mass. Gen. Laws ch. 171, sec. 8B Educational credit union, student savings deposit and school branch office programs](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S8B.md) - [Mass. Gen. Laws ch. 171, sec. 8C Application by foreign credit union or out-of-state federal credit union to establish new branch in the commonwealth](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S8C.md) - [Mass. Gen. Laws ch. 171, sec. 8D Examination of affairs of foreign credit union or out-of-state federal credit union](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S8D.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C171_S2. Check the current official text before relying on it. Not legal advice.