by the treasurer of the commonwealth to the annuity fund established by paragraph (2) of this section, and these amounts shall thereby become a part of their assessments. [Acts, 1913, c. 832, § 5, as am. by Gen. Acts, 1915, c. 197, § 1.]

PAYMENT OF RETIREMENT ALLOWANCES.

SECTION 6. (7) In determining the retiring allowance of a member of the teachers' retirement association who prior to June 1, 1912, had been regularly employed by the commonwealth, credit shall be given in the manner provided for by paragraph (5) of this section [of chap. 832], for all such periods of employment rendered prior to June 1, 1912: provided, however, that this paragraph shall not apply to any person becoming a member of the teachers' retirement association, after July 1, 1915, who, at the time of entering the service of the public schools, was not a member of the retirement association established by Acts, 1911, c. 532. [Acts, 1913, c. 832, § 6, as am. by Gen. Acts, 1915, c. 197, § 2.]

WITHDRAWAL AND REINSTATEMENT.

SECTION 7. (1) Any member of the retirement association withdrawing from service in the public schools, except for the purpose of entering the service of the commonwealth, before becoming eligible to retirement shall be entitled to receive from the annuity fund all amounts contributed as assessments, together with regular interest thereon, in the manner hereinafter provided. [Acts, 1913, c. 832, § 7, as am. by Gen. Acts, 1915, c. 198, § 3.]

FORMER SYSTEM OF PENSIONS FOR TEACHERS IN THE STATE.

2. Boston Teachers' Pensions (Acts of 1908, Chapter 589 and amendments). Amendment to section 4. In addition to the amount which the school committee is now authorized by law to appropriate for the support of the public schools of the city, and for other purposes, it shall annually appropriate for the purpose of paying pensions at the rates already established by Acts, 1908, c. 589, § 7, as amended by Acts, 1910, c. 617, § 3, and in the same manner in which it makes appropriations for other school purposes, the sum of seven cents upon each one thousand dollars of the valuation on which the appropriations of the city council of the city are based, and shall from time to time pay to the treasurer of the permanent pension fund such portions of the proceeds of said seven cents upon each one thousand dollars of the valuation aforesaid as, in the opinion of the school committee, will not be needed for the purpose of paying pensions to teachers during that year. Accrued interest not expended during any year shall be available for the payment of pensions during any subsequent year.

Amendment to section 6. The total amount of pensions payable hereunder in any one year shall not exceed the proceeds of the said seven cents upon each one thousand dollars of the valuation aforesaid, together with the accrued interest of the permanent fund. In case the amount available in any one year under this act is not sufficient to pay the pensions that have been granted, the amount so available shall be divided pro rata among those to whom pensions have been or may be granted on the basis of the amount of the pension each is then receiving: provided, that in no case, nor in any year, shall the pension of any person retired after thirty years of service be

less than three hundred and twelve dollars. [Acts, 1908, c. 589, §§ 4 and 6, as last am. by Sp. Acts, 1915, c. 304, § 1.]

Limit of the amount of taxes increased.

For the purposes of this act the limit of

the amount of taxes on property in the city of Boston is increased two cents on each one thousand dollars of the valuation upon which the appropriations by the city council of the city are based. [Sp. Acts, 1915, c. 304, § 2.]

COUNTIES.

For complete text of the act authorizing the counties of the commonwealth to establish retirement systems for their employees, see Acts, 1911, c. 634, and amendments thereto. Amendments to the Act in 1915 follow:

"Continuous service" defined. (f) The words "continuous service" mean uninterrupted employment, with these exceptions: a lay-off on account of illness or reduction of force; and a leave of absence, suspension or dismissal followed by reinstatement within one year.

In the case of employees of the county who are now paid wholly by it, but who at any prior period were employees of the county within the meaning of paragraph (c) of this section and did not receive the whole or any part of their compensation from said county, and in the case of employees of any department or institution formerly administered by the commonwealth, or formerly administered in part by the commonwealth and in part by the county and later taken over by the county, service rendered prior to such transfer shall be counted as a part of the continuous service for the purposes of this act. [Acts, 1911, c. 634, § 1, paragraph (ƒ), as am. by Acts, 1913, c. 817, § 1, and by Gen. Acts, 1915, c. 234, § 1.]

...

(b) Pensions based upon prior

714. Employees who may be retired. service. Any member of the association who reaches the age of sixty years, having been in the continuous service of the county for fifteen years or more immediately preceding, and then or thereafter retires or is retired, and any member who completes thirty-five years of continuous service and then or thereafter retires or is retired, shall receive in addition to the annuity and pension provided for by paragraphs (2) B and C (a) of this section [section 6] an extra pension for life as large as the amount of the annuity and pension to which he might have acquired a claim if the retirement system had been in operation at the time when he entered the service of the county, and if accordingly he had paid regular contributions from that date. to the date of the establishment of the retirement association at the same rate as that first adopted by the board of retirement, and if such deductions had been accumulated with regular interest. [Acts, 1911, c. 634, § 6, as am. by Acts, 1913, c. 817, § 3, and by Gen. Acts, 1915, c. 234, § 2.]

CITIES AND TOWNS.

For complete text of the act authorizing cities or towns to establish a retirement system for their employees, see Acts, 1910, c. 619, and amendments thereto.

727. Pensioning laborers in cities and towns.

1

- Any laborer in the employ of a city or town which accepts this act, who has reached the age of sixty years and has been in such employ for a period of not less than twenty-five years and has be

Except the city of Boston (see Acts, 1912, c. 503, § 4).

come physically or mentally incapacitated for labor, and any laborer in the employ of such city or town who has been in such employ for a period of not less than fifteen years and has become physically or mentally incapacitated for labor by reason of any injury received in the performance of his duties for such city or town may, at his request, and in cities, with the approval of the mayor, or in towns, with the approval of the selectmen, be retired from service, and if so retired he shall receive from the city or town for the remainder of his life, an annual pension equal to one half of the average annual compensation paid to him as a laborer during the two years next prior to his retirement. Any laborer in the employ of such a city or town who has reached the age of sixty-five years and has been in such employ for a period of not less than twenty-five years including the time when incapacitated by reason of sickness, not exceeding two years in the aggregate, which is certified by a physician in regular standing, shall be retired from service and shall receive from the city or town an annual pension computed in the manner hereinbefore set forth. [Acts, 1912, c. 503, § 1, as am. by Gen. Acts, 1915, c. 47.]

733. Retirement fund for laborers employed by the city of Boston. Any laborer employed by the city of Boston who has reached the age of sixty years and who has been in the service of the city for a period of not less than twenty-five years, and who is physically incapacitated, shall, at his request and with the approval of the retirement board above provided for, be retired from service, and shall receive for the remainder of his life an annual pension equal to one half of the compensation to which he would have been entitled for full employment during the last year of his service for the city; but in no case shall such pension exceed in amount the sum of three hundred and sixty dollars per year. It shall be the duty of the said board so to retire any laborer in the service of the city who has reached the age of seventy years and has served the city for a period of not less than twenty-five years: provided, however, that said retirement board may, upon the request of the mayor and city council, retire any laborer employed by said city who has been in the service of the city continuously for a period of not less than fifteen years and who, owing to injury, physical incompetency, old age or infirmity, may be incapacitated from further performance or discharge of his duty or labor. This act shall take effect upon its acceptance1 by the mayor and city council of Boston. [Acts, 1911, c. 413, § 2, as last am. by Acts, 1914, c. 765, §§ 1, 2, and by Sp. Acts, 1915, c. 63, § 1.]

VETERANS.

Retirement act for veterans in the employ of the commonwealth amended. A veteran of the civil war in the service of the commonwealth, if incapacitated for active duty, shall be retired from active service, with the consent of the governor, at one half the rate of compensation paid to him when in active service, to be paid out of the treasury of the commonwealth: provided, that no veteran shall be entitled to be retired under the provisions of this act unless he shall have been in the service of the commonwealth at least ten years. But if, in the opinion of the governor and council, any veteran of the civil war, after five years, in said service is incapacitated to such a degree as to render his retirement necessary for the good of the service, he may so be retired. A veteran retired under the provisions of this act, whose term of service was for a fixed number of years, shall be entitled to the benefits of the act without reappointment. [Acts, 1907, c. 458, § 1, as am. by Gen. Acts, 1915, c. 95.]

1 This act was accepted on October 30, 1913.

9. SAVINGS BANK INSURANCE.

756. Amount of policy limited. No savings and insurance bank shall write any policy binding it to pay more than one thousand dollars, exclusive of dividends or profits, upon the death of any one person, nor any annuity contract binding it to pay in any one year more than two hundred dollars, exclusive of dividends or profits. [Acts, 1907, c. 561, § 10, as am. by Gen. Acts, 1915, c. 32.]

783A. Expenditure for giving publicity to the advantages of savings bank insurance. The sum of twenty-five hundred dollars may be allowed and paid out of the treasury of the commonwealth from the ordinary revenue, to be expended under the direction of the trustees of the General Insurance Guaranty Fund, for the purpose of making known to those in need of industrial insurance the advantages offered by the life insurance departments of savings banks; the said sum to be in addition to any sums appropriated for salaries, office rent, and other necessary expenses during the current year. [Gen. Acts, 1915, c. 168.]

10. CO-OPERATIVE ASSOCIATIONS.

(For the statutes governing co-operative banks see compilation issued by the bank commissioner.) CO-OPERATIVE SOCIETIES.

786. Capital stock. The capital stock of such a co-operative corporation shall not be less than one hundred dollars, nor more than one hundred thousand dollars. No stockholder shall own shares of a greater par value than one tenth of the total par value of the capital stock, nor shall any member be entitled to more than one vote on any subject arising in the management of the corporation. [Acts, 1913, c. 447, § 3, as am. by Gen. Acts, 1915, c. 118, § 1.]

789. Distribution of earnings. 1. From the balance of the net earnings of the corporation the directors may appropriate a sum not exceeding five per cent of the annual net earnings to be used in teaching co-operation.

2. The directors shall distribute the remainder of such earnings or any part thereof by a uniform dividend upon the amount of purchases or sales of shareholders, through the corporation, and, if the directors so vote, upon the amount of wages which have been earned and paid to employees except that in the case of a purchaser who is not a shareholder, but who desired to become a shareholder, a dividend of one half the uniform dividend may be declared upon such non-shareholders' purchases or sales and credited to him on account of the purchase of stock for which he may subscribe. In productive corporations, including creameries, canneries, storages, factories and the like, dividends shall be calculated on raw material delivered to the corporation instead of on goods purchased. If the corporation be both a purchasing and a selling, or a productive concern, the dividends may be on both raw material and on goods purchased. The profits or net earnings of such corporation shall be distributed to those entitled thereto at such times as the by-laws prescribe, which shall be as often as once in twelve months. [Acts, 1913, c. 447, § 6, as am. by Gen. Acts, 1915, c. 118, § 3.]

790A. Use of the word "co-operative restricted. No person, partnership, association or corporation, organized or doing business for profit, except corporations formed under the provisions of this act, or co-operative banks organized under R. L.,

c. 114, shall hereafter transact business under any name or title, which contains the word "co-operative". The provisions of Acts, 1908, c. 590, § 17, shall apply to violations of this [paragraph], and as prescribed therein, proceedings shall be brought against any person, partnership, association or corporation which violates the provisions of this [paragraph]. Any person, partnership, association or corporation not organized under the provisions of this act, transacting business under a name or title which contains the word "co-operative", shall alter the said name or title to comply with the provisions of this act within ninety days after its passage. . . [Acts, 1913, c. 447, as am. by Gen. Acts, 1915, c. 118, § 2.]

790B. Fees for filing articles of incorporation.

The fee for filing

and recording the articles of organization required by Acts, 1913, c. 447, including the issuing by the secretary of the commonwealth of the certificate of incorporation, shall be one twentieth of one per cent of the total amount of the authorized capital stock as fixed by the articles of organization, but not in any case less than five dollars. [Gen. Acts, 1915, c. 118, § 2.]

CREDIT UNIONS.

792. Defining term "credit union." - Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows:

792A. A corporation organized under this act shall include in the corporate name the two words "credit union", to which may be added the word "bank." Other distinguishing words may be used. The words "credit union", whenever hereinafter used, shall apply to a corporation heretofore organized under the provisions of Acts, 1909, c. 419, or hereafter organized under the provisions of this act. [Gen. Acts, 1915, c. 268, § 1.]

793. Credit unions may loan savings of its members. Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows:

793A. A credit union may receive the savings of its members in payment for shares or on deposit; may lend to its members at reasonable rates, or invest, as hereinafter provided, the funds so accumulated; and may undertake such other activities relating to the purpose of the association, as its by-laws may authorize, any provisions in R. L., c. 114, § 1, notwithstanding. [Gen. Acts, 1915, c. 268, § 5.]

794. Organization of credit unions. Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows:

794A. Seven or more persons, resident in this commonwealth, who have associated themselves by an agreement in writing with the intention of forming a corporation for the purpose of accumulating and investing the savings of its members and making loans to members for provident purposes, may, with the consent of the board of bank incorporation, become a corporation upon complying with all of the provisions of section three [see paragraph 796A] of this act. The board of bank incorporation is hereby authorized to grant such consent when it is satisfied that the proposed field of operation is favorable to the success of such corporation, and that the standing of the proposed incorporators is such as to give assurance that its affairs will be administered in accordance with the spirit of this act. [Gen. Acts, 1915, c. 268, § 2.]

795. Use of words " credit" and "'union ""

restricted. Repealed by

Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows:

795A. No person, partnership or association, and no corporation, except such as have heretofore been incorporated under the provisions of Acts, 1909, c. 419, and such as