NY Banking L § 486 (2021)
2021 New York Laws BNK - Banking Article 11 - Credit Unions 486 - Conversion of a Federal Credit Union Into a State Credit Union.

§ 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   shall  be  held  upon  not  less  than  ten days' written notice to each   shareholder, either served personally or mailed to him or her at his  or   her last known address and containing a statement of the time, place and   purpose  of such meeting, provided that if the laws of the United States   prescribe a different period of time or manner of  communicating  notice   to each shareholder, then a meeting of the shareholders shall be held in   conformity  with  such  laws.  Proof by affidavit of due service of such   notice shall be filed in the office of the credit union before or at the   time of such meeting.At such meeting, a majority of the  shareholders  represented  at  the   meeting  may,  by  an affirmative vote, in person or by proxy, authorize   the conversion of such  federal  credit  union  into  a  state-chartered   credit  union,  provided that in the event the laws of the United States   require a different affirmative vote, such vote shall apply in  lieu  of   the  affirmative  vote  required  hereby.  A copy of the minutes of such   meeting, certified by the presiding officer and by the secretary of  the   meeting,  shall  be  filed  in  the  office of the superintendent within   thirty days after the date of such meeting.There shall be filed with such copy of the  minutes  the  organization   certificate  required  by  section  four  hundred fifty of this article,   executed by a majority of the directors, and proposed bylaws as required   by section four hundred fifty-one of this article.  The  federal  credit   union   shall   also   submit  a  written  plan  of  conversion  to  the   superintendent, together with an investigation fee as described pursuant   to section eighteen-a of this chapter.Within sixty days after  such  filing,  or  such  later  date  as  the   superintendent in his discretion may determine, the federal credit union   shall take the action prescribed or authorized by the laws of the United   States  to  effect such conversion and there shall thereupon be filed in   the office of the superintendent a copy of any consent or  authorization   required of such federal credit union pursuant to the laws of the United   States and the state to effect such conversion.When   the   superintendent   shall  have  approved  the  organization   certificate  and  the  proposed  bylaws  and  shall  have   issued   the   authorization  certificate,  as provided in article two of this chapter,   the credit union shall cease to be a  federal  credit  union  and  shall   thereupon  be  converted  into  a  state  credit union, but such federal   credit union shall  be  deemed  to  be  continued  for  the  purpose  of   prosecuting or defending suits and of enabling it to wind up its affairs   as a federal credit union and to dispose of and convey its property.At  the  time when such conversion becomes effective, all the property   of the federal credit union shall immediately by act of law and  without   any  conveyance  or  transfer become the property of the state-chartered   credit union and the state-chartered credit union shall succeed  to  all   the rights, obligations and relations of the federal credit union.