New York Banking Law Article 11 - CREDIT UNIONS

• 450 - Incorporation; Organization Certificate.
  When authorized by the superintendent as provided in article two of this chapter, seven or more persons employed or residing in the state of New...
• 450-a - Designation of Low Income Credit Union.
  1. A credit union organized under this article may be designated as a low income credit union as defined in subdivision five of this section....
• 450-b - Designation of Student Branches.
  1. As used in this section the following terms shall have the following meanings: (a) "school" shall mean any public or private elementary or secondary...
• 451 - Proposed Bylaws.
  The incorporators shall subscribe and acknowledge and submit to the superintendent proposed bylaws, in duplicate, which shall prescribe the manner in which the business of...
• 451-a - Qualifications for Membership.
  1. Subject to approval of the superintendent, the membership of a credit union shall consist of persons within the credit union's field of membership who...
• 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...
• 453 - Corporate Credit Unions.
  1. A corporate credit union may be incorporated under this section and shall be subject to all provisions of this article not inconsistent with this...
• 454 - General Powers.
  In addition to the powers conferred by the provisions of this chapter, a credit union shall, subject to the restrictions and limitations contained in this...
• 455 - Trust Powers.
  1. The superintendent of financial services is authorized and empowered to grant permission to a credit union to exercise any or all of the powers...
• 456 - Limitations Upon Powers.
  No credit union shall: 1. Pay any commission or compensation for securing members or for the sale of its shares; except that such restrictions shall...
• 457 - Capital.
  The capital of a credit union shall consist of the payments and dividends credited to shareholders on their shares.
• 458-a - Maintenance of Reserves.
  A credit union shall contribute to and maintain such net worth reserve categories as the superintendent shall, by regulation, prescribe. Such regulations shall provide for...
• 459 - Allowance for Loan Loss.
  An allowance for loan loss account shall be established and maintained in an amount that represents the current estimated loss on loans. The allowance for...
• 460 - Dividends to Shareholders; Conditions Precedent.
  1. The board of directors of any credit union may declare a dividend from the credit union's undivided profits calculated as provided in this article...
• 461 - Change of Location; Estblishment of Stations; Extension or Revival of Corporate Existence.
  461. Change of location; establishment of stations; extension or revival of corporate existence. 1. Any credit union may make a written application to the superintendent...
• 462 - Foreign Credit Unions.
  Subject to such regulations as the superintendent may adopt, any credit union located in a state other than this state may open and maintain in...
• 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...
• 464 - Manner of Withdrawal; Expulsion or Suspension of Members; Effect Upon Liabilities to Credit Unions.
  1. A member desiring to withdraw from a credit union shall file a written notice of his or her intention to withdraw. However, a member...
• 465 - Withdrawal of Shares After Voting to Liquidate; Notices to Shareholders.
  After the shareholders of a credit union have duly voted that the credit union be closed and such business wound up and voluntarily liquidated, and...
• 466 - Meetings of Shareholders; Voting.
  1. At all meetings of shareholders of every credit union each shareholder shall have one vote irrespective of the number of shares which he holds;...
• 467 - Qualifications and Disqualifications of Directors and Committee Members.
  Every director and committee member of a credit union shall be the owner of at least one share subscribed for by him or standing in...
• 468 - Oaths of Directors; Officers and Members of Committees.
  468. Oaths of directors, officers and members of committees. Each director, officer and member of a committee when first appointed or elected, shall take an...
• 469 - Vacancies; Change in Number of Directors.
  1. Vacancies in the board of directors, supervisory committee, or the credit committee, occasioned by resignations, deaths or other causes shall be reported by each...
• 470 - Powers and Duties of Directors; Not Entitled to Compensation; Disqualification of Directors.
  1. The board of directors of every credit union shall have the general management of the affairs, funds and records of the corporation. No member...
• 471 - Duty of Directors and Officers.
  1. Directors and officers shall discharge the duties of their respective positions in good faith and with that degree of diligence, care and skill which...
• 472 - Special Duties of Directors.
  Unless the bylaws shall expressly reserve any or all of the following duties to the shareholders, it shall be the special duty of the directors:...
• 473 - Loan Officers, Credit Committee; Duties.
  Whenever the term "credit committee" is used in this article, it shall solely be applicable to those credit unions whose bylaws provide for such committee....
• 474 - Loan Reports to Directors.
  1. The credit committee shall prepare and submit written reports to the board of directors of all loans approved or disapproved. If there is no...
• 475 - Supervisory Committee; Powers and Duties.
  1. The supervisory committee shall have power: (a) To suspend at any time by unanimous vote, at a meeting called for that purpose, any member...
• 476 - Officers; Powers and Duties.
  The powers and duties of the officers of any credit union shall be such as are prescribed in the bylaws.
• 477 - Retirement and Insurance Benefits for Officers and Employees.
  1. Subject to such regulations as the superintendent of financial services may prescribe, a credit union may, in the discretion of a majority of all...
• 478 - Amendment of Bylaws; Approval of Superintendent.
  1. The bylaws of a credit union may be changed or amended by a vote of a majority of the total number of directors which...
• 479 - Credit Union Not Liable for Taxation.
  Any credit union subject to the provisions of this article shall be deemed an institution for savings within the meaning of the law which exempts...
• 480 - Fiscal Year.
  The fiscal year of every credit union shall end at the close of business on the thirty-first day of December.
• 481 - Communications From Department of Financial Services Must Be Submitted to Directors and Supervisory Committee, and Noted in the Minutes.
  Every official communication as defined in article two of this chapter directed to a credit union shall be submitted to both the board of directors...
• 482 - Reports to Superintendent; Penalty for Failure to Make.
  1. Credit unions shall forward to the superintendent all reports required by the National Credit Union Administration. 2. Every credit union shall also make such...
• 483 - Penalty for Loans to Non-Members; Recovery.
  Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan...
• 484 - Penality for Use of Term "Credit Union".
  484. Penalty for use of term "credit union". The use by any person, partnership, association or corporation, other than those authorized as provided in this...
• 485 - Entries in Books; Preservation of Records.
  1. No credit union shall by any system of accounting or any device of bookkeeping, directly or indirectly, enter any of its assets or liabilities...
• 486 - Conversion of a Federal Credit Union Into a State Credit Union.
  Any federal credit union having its place of business in this state may convert itself into a state credit union. A meeting of the shareholders...
• 486-a - Retention of Special Additional Mortgage Recording Tax Exemption for Converted Federal Credit Unions.
  Mortgages made by a credit union that is issued an authorization certificate on or after January first, two thousand nine pursuant to section four hundred...
• 487 - Conversion of a Credit Union Into a Federal Credit Union.
  Any credit union may convert itself into a federal credit union. A meeting of the shareholders of the credit union shall be held upon not...
• 487-a - Conversion of a Credit Union Into a Mutual Savings Bank.
  1. Any credit union having its place of business in this state may convert to a mutual savings bank, subject to the requirements and procedures...

Last modified: February 3, 2019