New York Banking Law Section 463 - Exemptions and individual liability of shareholders.

  463.  Exemptions  and  individual  liability of shareholders.   The
  transfer of the shares of any credit union shall not  be  taxable  under
  the provisions of article twelve of the tax law.
The  shareholders  of  a credit union shall not be individually liable
  for the payment of the credit union's debts.

Last modified: February 3, 2019