An Act amending the banking laws and related statutes

This bill updates Massachusetts banking laws to allow local government officials and school districts to invest public funds in a specific type of banking arrangement. Under the new rules, these entities must first deposit money in a local bank that is insured by the federal government, which then places the funds into accounts at other banks anywhere in the country, provided those accounts are also federally insured. The legislation also permits financial institutions to delay their annual shareholder meetings if the governor declares a state of emergency, requiring them to hold the meeting within 60 days of the emergency ending. Additionally, the bill clarifies how interest earned on these public deposits should be distributed to the state or local communities.