New York Banking Law Article 11-A - CREDIT UNION INSURANCE FUND

• 490-a - Creation of Fund.
  Any fifty or more credit unions organized under the provisions of this chapter whose share liabilities aggregate not less than fifty per centum of the...
• 490-b - Management of Fund.
  The fund shall be collected, held, administered and disbursed by a corporate trustee or a board of trustees composed of individuals who are directors or...
• 490-c - Execution and Filing of Agreement.
  The agreement when approved by the superintendent and executed by the credit unions desiring to become parties thereto shall be filed in the office of...
• 490-d - Provisions of Agreement.
  The agreement shall provide for the following: (a) The designation of a corporate trustee or a board of trustees to administer the fund and procedure...
• 490-e - Powers and Duties of Trustee or Trustees.
  It shall be the duty of the corporate trustee or the board of trustees, as the case may be, to collect the initial contribution to...
• 490-f - Powers of Superintendent to Obtain Payment From Fund.
  In any case where the superintendent has taken possession of any party to the agreement and has been engaged in the liquidation thereof for one...
• 490-g - Payment of Liquidating Dividends on Uninsured Shares.
  In the event of liquidation by the superintendent of any credit union which is a party to the agreement, he shall pay on account of...
• 490-h - Exemption of Fund From Taxation.
  The fund provided for by this article and the income thereof shall be exempt from all taxation now or hereafter imposed by the state of...
• 490-i - Liability for Payment of Contributions.
  Any credit union which is a party to the agreement provided for by this article shall be liable for the payment of any contribution called...
• 490-j - Powers of Credit Unions With Respect to Agreement.
  Any credit union organized under the provisions of this chapter shall have the power to become a party to the agreement provided for by this...

Last modified: February 3, 2019