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New York Consolidated Laws

11

Credit Unions

450Incorporation; organization certificate 450-ADesignation of low income credit union 450-BDesignation of student branches 451Proposed bylaws 451-AQualifications for membership 452When corporate existence begins; conditions precedent to commencing business 453Corporate credit unions 454General powers 455Trust powers 456Limitations upon powers 457Capital 458-AMaintenance of reserves 459Allowance for loan loss 460Dividends to shareholders; conditions precedent 461Change of location; establishment of stations; extension or revival of corporate existence 462Foreign credit unions 463Exemptions and individual liability of shareholders 464Manner of withdrawal; expulsion or suspension of members; effect upon liabilities to credit unions 465Withdrawal of shares after voting to liquidate; notices to shareholders 466Meetings of shareholders; voting 467Qualifications and disqualifications of directors and committee members 468Oaths of directors, officers and members of committees 469Vacancies; change in number of directors 470Powers and duties of directors; not entitled to compensation; disqualification of directors 471Duty of directors and officers 472Special duties of directors 473Loan officers, credit committee; duties 474Loan reports to directors 475Supervisory committee; powers and duties 476Officers; powers and duties 477Retirement and insurance benefits for officers and employees 478Amendment of bylaws; approval of superintendent 479Credit union not liable for taxation 480Fiscal year 481Communications from department of financial services must be submitted to directors and supervisory committee, and noted in the minutes 482Reports to superintendent; penalty for failure to make 483Penalty for loans to non-members; recovery 484Penalty for use of term "credit union"485Entries in books; preservation of records 486Conversion of a federal credit union into a state credit union 486-ARetention of special additional mortgage recording tax exemption for converted federal credit unions 487Conversion of a credit union into a federal credit union 487-AConversion of a credit union into a mutual savings bank