New York Banking Law Section 452 - When corporate existence begins; conditions precedent to commencing business.

  452.  When  corporate  existence  begins;  conditions  precedent to
  commencing business.  When the superintendent shall  have  endorsed  his
  approval  on the organization certificate, as provided in article two of
  this chapter, the corporate existence of the credit union  shall  begin,
  and  it  shall  then  have  power to elect officers and to transact such
  other business as relates to its organization. But it shall transact  no
  other business until the superintendent shall have duly issued to it the
  authorization certificate specified in article two of this chapter.

Last modified: February 3, 2019