NY Banking L § 453 (2021)
2021 New York Laws BNK - Banking Article 11 - Credit Unions 453 - Corporate Credit Unions.

§  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 section.   2.  Membership  in a corporate credit union shall be institutional and shall be limited to: credit unions organized  under  this  article,  the Federal   Credit   Union   Act  or  any  other  credit  union  act,  and organizations or associations owned by or composed of credit unions  and corporations and associations which primarily service credit unions.   3.  The  board  of  directors  of  each  credit  union,  organization, association or corporation becoming a member of a corporate credit union shall designate  one  person  to  be  a  voting  representative  in  the corporate  credit union. Such person shall be eligible to hold office in the corporate credit union as if  such  person  were  a  member  of  the corporate credit union.   4.  A  corporate  credit union is a credit union whose members consist primarily of other credit unions and whose purposes are to:  (a) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;  (b) act as an intermediary for credit union funds between members  and other corporate credit unions;  (c)  obtain  liquid  funds  from  other  credit  union  organizations, financial intermediaries and other sources;  (d) foster and promote in cooperation with other state,  regional  and national  corporate  credit  unions  and  credit  union organizations or associations the economic security, growth  and  development  of  member credit unions; and  (e)  perform  such  other financial services of benefit to its members which are authorized by the superintendent.   5. A corporate credit union shall enjoy the powers and  privileges  of any  other  credit  union incorporated under this chapter in addition to those powers enumerated in this article, notwithstanding any  limitation or  restrictions  found elsewhere in this article. The superintendent of financial  services  may  promulgate  such  regulations  concerning  the establishment  and  operations  of  corporate  credit  unions  as in its discretion are necessary and proper.  Subject  to  such  regulations,  a corporate credit union may:  (a)  accept  shares  or  deposits  in any form from its members, other state, regional or national corporate credit unions,  and  credit  union organizations or associations;  (b) make loans to its members and other credit unions and other state, regional,   or  national  corporate  credit  unions,  organizations  and associations of credit unions;  (c) establish lines of credit for members and participate  with  other credit  unions  in  making  loans  to  its  members  under the terms and conditions determined by the board of directors;  (d) invest in the shares of or make deposits in credit unions;  (e) buy and sell any form of marketable debt obligations  of  domestic or foreign corporations or of federal, state or local government units;  (f)   borrow   money,  accept  demand  deposits  and  issue  notes  or debentures;  (g) acquire or sell the assets and assume the liabilities of a member; and  (h) enter into agreements with credit unions to discount  or  purchase loans  made pursuant to government-guaranteed loan programs, real estate loans made by members or any obligations of the  United  States  or  any agency thereof held by members.   6.  A  corporate  credit  union  shall  be  exempt  from  the  reserve requirements of section four hundred fifty-eight-a of this article,  but  shall be required to accumulate and maintain reserves in accordance with the requirements of the National Credit Union Administration.