Section 32: Exemption of savings banks employees benefit association property from taxation, operation of law relating to insolvency, attachment and execution; assignment of rights
141 words·~1 min read·
/ma/part-i/title-xxii/chapter-168/32·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 32. The property of the benefit association shall be exempt from taxation and from the operation of any law relating to insolvency, and shall not be attached or taken on execution or other process to satisfy any debt or liability of the benefit association, a participating bank or any employee member of the benefit association. No assignment of any right in or to said funds or of any pension or annuity payable under section 30 shall be valid, except that deferred annuity contracts purchased by a participating bank on account of past service of eligible employees may be assigned to such bank prior to actual retirement.
Nothing in this section shall prevent an employee's annuity or pension from being attached, taken on execution, assigned or subject to other process to satisfy a support order under chapter 208, 209, or 273.