reglab/statecodes huggingface dataset:
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 450-B - Designation of Student Branches.

§  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
school;
(b) "student" shall mean a child enrolled in a school;
(c) "student branch" shall mean the designation provided to the credit
union  pertaining  to  the  in-school  services  and financial education
offered to students. A student branch  shall  not  be  deemed  to  be  a
station  and  shall  not  be  subject  to  any of the provisions of this
article applicable to stations; provided, however, that a  credit  union
shall  provide written notice to the superintendent of the establishment
of any such student branch.
2. A credit union organized under this article may upon agreement with
a school's governing body open and maintain a student branch.
3. Notwithstanding any other provision of  this  article  any  student
enrolled in the school maintaining a student branch who is not otherwise
qualified  for  membership in the credit union is hereby qualified for a
student membership. Said student membership  shall  expire  thirty  days
after  the  student's  graduation  from  secondary  school,  transfer to
another school or termination of enrollment. The student branch shall be
for the express use of the students and may  not  be  used  by  faculty,
staff  or  lineal ancestors or descendants of students. Neither faculty,
staff nor  lineal  ancestors  or  descendants  of  student  members  are
eligible  for  membership in the credit union unless otherwise qualified
under this article.
4. The superintendent may promulgate regulations  appropriate  to  the
formation and operation of student branches.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 451 - Proposed Bylaws.

§   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 the
  credit union shall be conducted with reference to the following matters:
1. The purposes of the corporation.
2. The qualifications for membership.
Such  qualifications for membership shall be established in accordance
  with the provisions of section four hundred fifty-one-a of this article,
  except that such section shall not apply to a corporate credit union.
3. The manner of conducting meetings,  the  method  by  which  members
  shall  be  notified  of  meetings, and the number of members which shall
  constitute a quorum.
4. The number of directors, which shall be a number not less than five
  nor more than fifteen.
5. The term of office of directors.
6. The number of directors necessary to constitute a quorum.
7. The time, place and manner of holding the annual  and  any  special
  meetings of the members of the credit union.
8. The officers to be elected from among the board of directors; their
  titles, duties and terms of office.
9.  Whether one or more loan officers or, in the alternative, a credit
  committee shall have the responsibility of passing upon the applications
  of members for loans and the powers and duties of the  loan  officer  or
  credit  committee  and  the  number  of members, not less than three, of
  which the credit committee shall be composed, their term of office,  and
  manner of election or appointment.
10.  The  powers,  duties,  term  of  office and manner of election or
  appointment of the supervisory committee and the number of members,  not
  less than three, of which it shall be composed.
11.  The  conditions  upon  which  shares  may  be  issued,  paid for,
  transferred and withdrawn.
12. The fines, if any, which shall be charged for  failure  punctually
  to meet obligations to the corporation.
13.  The  manner  in  which  dividends shall be determined and paid to
  members.
14. The manner  in  which  the  funds  of  the  corporation  shall  be
  employed.
15. The conditions upon which loans may be made and repaid.
16. The maximum rate of interest that may be charged upon loans.
17.  The  method  of receipting for money paid on account of shares or
  loans.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 452 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.

§  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 credit union  shall  begin,
  and  it  shall  then  have  power to elect officers and to transact such
  other business as relates to its organization. But it shall transact  no
  other business until the superintendent shall have duly issued to it the
  authorization certificate specified in article two of this chapter.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 455 - Trust Powers.

§  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 specified in sections one hundred, one
  hundred-a,  one  hundred-b and one hundred-c of this chapter. In passing
  upon applications for  permission  to  exercise  any  such  powers,  the
  superintendent  of  financial  services  may take into consideration the
  amount of net worth of the applying credit union, whether  or  not  such
  net  worth  is sufficient under the circumstances of the case, the needs
  of the community to be served and any other facts and circumstances that
  seem proper, and may grant or refuse it permission accordingly.
2. Whenever the laws of this state require a trust company acting in a
  fiduciary capacity to deposit securities with the state authorities  for
  the protection of private or court trusts, a credit union, so acting, is
  required and empowered to make similar deposits of securities.
3.   The   superintendent  of  financial  services  is  authorized  to
  promulgate such regulations as he or she may deem necessary or proper to
  implement the provisions of this section and the proper exercise of  the
  powers granted by this section.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 458-A - Maintenance of Reserves.

§  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 a
  system of maintaining net worth reserves that is comparable to  that  of
  Title  12  U.S.C. section 1790(d) and any regulations promulgated by the
  National Credit Union Administration  thereunder,  except  as  otherwise
  deemed   necessary   by   the  superintendent  in  accordance  with  the
  declaration of policy set forth in section ten of this chapter.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 459 - Allowance for Loan Loss.

§  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 loan loss account
  requirement shall be computed and adjusted, through  the  provision  for
  loan loss account, prior to the payment of dividends.
The  calculation of this account shall be in accordance with the rules
  established by the National Credit Union Administration.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 460 - Dividends to Shareholders; Conditions Precedent.

§  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 for any
period determined by the board of directors.
2. Earnings from all sources for the period for which a dividend is to
be  paid, except as provided in section four hundred fifty-eight of this
article, may be credited to the profit and loss account  of  the  credit
union  and  the following items shall be charged against such account in
the determination of the amount available for dividends to shareholders:
(a) All  expenses  paid  or  incurred  by  the  credit  union  in  the
management   of  its  affairs,  the  collection  of  its  debts  or  the
transaction of its business.
(b) The interest paid or accrued on debts owed by the credit union.
(c) All losses incurred on loans in excess of the allowance  for  loan
loss account.
(d)  Any interest collected in advance shall be considered unearned at
the end of the fiscal period, and shall  be  set  aside  in  an  account
called "unearned interest".
The  credit  balance  of  the profit and loss account as thus determined
shall constitute the undivided profits of the credit union at the  close
of  such  period,  and  shall  be applicable to the payment of dividends
except as provided in subdivision three of this section.
3. No dividend shall be credited or paid unless the credit union has:
(a) Made good any existing impairment of its capital; and
(b) Carried to its allowance for loan loss account such  part  of  its
earnings  as  is  required  by  section  four hundred fifty-nine of this
article.
4. Dividends may be paid on shares and share certificates  at  various
rates with due consideration of the conditions that pertain to each type
of account such as minimum balance, notice and time requirements.
5.  When  any  dividend  shall  be  declared  in  excess of the amount
available for dividends as determined in accordance with the  provisions
of  this  section,  the  directors  voting for such dividend may be held
jointly and severally liable to the credit union for the amount  of  the
excess so declared.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 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  for  leave  to change its place of
business to another place within the state of New York. The  application
shall  state  the  reasons  for  such  proposed  change,  and  shall  be
accompanied by a copy of a resolution  authorizing  the  making  of  the
application,  certified  by  a  principal officer of the credit union to
have been adopted by a vote  of  a  majority  of  its  entire  board  of
directors  at  a  meeting  of  such  board, duly convened and held. Such
change may be made upon the written approval of the  superintendent.  If
the superintendent shall grant his certificate authorizing the change of
location,  as  provided in article two of this chapter, the credit union
may, upon or after the day specified  in  the  certificate,  remove  its
property and effects to the location designated therein.
2.  Subject  to  such regulations as the superintendent may adopt, any
credit union, may open and maintain within or without the state, in  any
locality  in  which  a  substantial  portion  of  its  actual  potential
membership is employed or residing, one or more stations for the conduct
of its business provided that before any such station or stations  shall
be opened or maintained or removed to a new location:
(a)  Its  board  of  directors  shall  submit  to the superintendent a
written application setting forth the reasons therefor and the  proposed
location of such station or stations.
(b) The superintendent shall have given his written approval thereto.
3.  Every application submitted under either subdivision one or two of
this section shall be accompanied by an investigation fee as  prescribed
pursuant to section eighteen-a of this chapter.
4.  By votes cast by a majority of the shareholders of record entitled
to vote at a meeting called for the purpose, a credit union, not  having
perpetual  existence, may extend its duration, or, if it ceased to exist
because of the expiration of the duration specified in its  organization
certificate,   may  revive  its  existence.  Such  resolution  shall  be
transmitted to the superintendent, who shall issue, under his  hand  and
the  official  seal  of  the  department,  in  triplicate, a certificate
setting forth the duration  of  the  credit  union  as  extended,  which
certificates  shall  be  transmitted  and  filed  in  the same manner as
authorization certificates.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 462 - Foreign Credit Unions.

§  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 this state, in any locality in which
  a substantial portion of its actual or potential membership is  employed
  or  residing,  one  or  more  stations  for  the conduct of its business
  provided that before any such station or stations  shall  be  opened  or
  maintained or removed to a new location:
1. Its board of directors shall submit to the superintendent a written
  application setting forth the reasons therefor and the proposed location
  of such station or stations. The application for each such station shall
  be  accompanied by a fee as prescribed pursuant to section eighteen-a of
  this chapter.
2. The superintendent shall have given his written approval thereto.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 463 - Exemptions and Individual Liability of Shareholders.

§  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  of  a credit union shall not be individually liable
  for the payment of the credit union's debts.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 464 - Manner of Withdrawal; Expulsion or Suspension of Members; Effect Upon Liabilities to Credit Unions.

§  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 who fails to  complete  payment
of one share within six months of his or her admission to membership, or
within  six  months  from  an  increase in the par value of shares, or a
member who reduces his or her share balance below the par value  of  one
share and does not increase the balance to at least the par value of one
share  within  six  months  of  the reduction will be considered to have
withdrawn from membership in the credit union.
2. The board of directors, pursuant to a written  policy  approved  by
such  board, may expel or suspend any member who has not carried out his
or her engagements with the credit union, or who has been convicted of a
criminal offense,  or  who  neglects  or  refuses  to  comply  with  the
provisions of this article, or of the bylaws, or who habitually neglects
to pay his or her debts, or who becomes insolvent or bankrupt, or who is
physically  or  verbally  abusive to credit union members or staff. Such
written policy shall include the conditions and procedures under which a
member may be expelled or  may  be  suspended,  in  whole  or  in  part,
regarding member participation in services and other rights and benefits
of  membership;  provided, however, that a member who has been suspended
may continue to maintain a share account and may  continue  to  vote  at
annual and special meetings.
(a)  Except as provided in paragraph (b) of this subdivision, a member
shall not be expelled or suspended unless he or she has been informed in
writing of the charges against him or her  and  has  been  provided  the
opportunity to be heard within thirty days of the date of the mailing or
delivery of such written notice.
(b) In the case of a member who has been physically abusive or who has
made  threats of physical harm or violence, such member may be suspended
or expelled from the date of the mailing or delivery of a written notice
of such action and the reasons for the suspension or expulsion. As  part
of  such  notice,  the  member  shall  be  advised of the opportunity to
request reinstatement and to be heard within thirty days of the date  of
the mailing or delivery of such notice.
3.  Any  member  of  a  credit  union who withdraws or is suspended or
expelled shall not be relieved of any liability to the corporation.  The
amounts  paid  in  on shares or deposited by such members, together with
any dividends credited to  their  shares  and  any  interest  which  has
accrued on their deposits, shall be repaid to them in the order of their
withdrawal, suspension or expulsion, as funds become available therefor,
but  the credit union may deduct from such payments any sums due it from
such members.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 465 - Withdrawal of Shares After Voting to Liquidate; Notices to Shareholders.

§  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 prior to  the  entry  of  an  order  of  the
  supreme  court  declaring  the business of such credit union closed, any
  shareholder withdrawing any or all of his shares shall be given  written
  notice  by  the  credit  union  at  the  time  of such withdrawal on the
  withdrawal notice, that it has been duly voted to close the corporation,
  wind up its business and voluntarily liquidate, that application may  be
  made  to  the  supreme court for a closing order pursuant to subdivision
  four of section six hundred five of this chapter, and that by  receiving
  payment  for the shares surrendered, he will not be entitled to any part
  of the surplus which may remain upon final liquidation and  which  would
  have been credited upon such shares had the same remained until the time
  that  the  closing  order  was  obtained.  If the notice is not given as
  aforesaid, the shareholder shall be entitled to share in the surplus, as
  if he had not made the withdrawal.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 466 - Meetings of Shareholders; Voting.

§  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; provided, however,
  after a credit union has been in existence for a period of more than one
  year, only a person who shall have been a  shareholder  of  such  credit
  union  for  ninety  days  prior to the date of any such meeting shall be
  entitled to vote. Every member entitled to vote at a meeting of  members
  of  the  credit union may authorize another person or persons to act for
  him by proxy at such meeting or, if the bylaws so provide, may  vote  by
  mail  in  accordance with the provisions of the bylaws. Every proxy must
  be signed by the member or his attorney-in-fact.    No  proxy  shall  be
  valid except for the meeting specified therein and adjournments thereof.
  Every  proxy  shall be revocable at the pleasure of the member executing
  it. The authority of the holder of a proxy to act shall not  be  revoked
  by  the  incompetence  or  death  of  the  member who executed the proxy
  unless,  before  the  authority  is  exercised,  written  notice  of  an
  adjudication  of  such  incompetence or of such death is received by the
  officer of the credit union responsible  for  maintaining  the  list  of
  members.  A  shareholder  may  vote by proxy at a meeting called to vote
  upon voluntary dissolution. The bylaws may  prohibit  or  further  limit
  proxies   for   members   and  their  duration.  No  officer,  director,
  supervisory committee member, credit  committee  member,  loan  officer,
  clerk, teller or bookkeeper of the credit union shall act as such proxy.
  No  director,  supervisory committee member, credit committee member, or
  officer of a credit union shall be eligible to act as an inspector of an
  election  of  directors,  supervisory  committee  members   and   credit
  committee members, at any meeting of members of the credit union.
2.  Complete minutes of all shareholders' meetings shall be kept which
  shall include a record of the exact number of members  present  together
  with  a  count  of  votes  cast  for  the  election of all directors and
  committee members.
3. Upon the petition of any shareholder aggrieved by an election,  and
  upon  notice  to the persons declared elected, the credit union and such
  other persons as the court may direct, the supreme court  at  a  special
  term  held  within  the judicial district where the office of the credit
  union is located shall forthwith hear the proofs and allegations of  the
  parties,  and  confirm  the  election, order a new election or take such
  other action as justice may require.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 467 - Qualifications and Disqualifications of Directors and Committee Members.

§ 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 his
  name on the books of the credit union; and every person elected to be  a
  director   or   committee   member,   who,  after  his  election,  shall
  hypothecate, pledge or cease to be the owner of his qualifying share  or
  shares,  except as permitted by subdivision four of section four hundred
  fifty-six of this article, shall cure the disqualification within thirty
  days or thereby vacate his office, and not be eligible  for  re-election
  as a director or committee member for a period of one year from the date
  of  the  next  succeeding  annual  meeting.  The  restrictions herein of
  requiring directors and committee members to be the owner  of  at  least
  one share shall not apply to a corporate credit union.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 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 oath that he will, so far as the duty devolves
  upon him, diligently and honestly administer the affairs of  the  credit
  union,  and  will  not  knowingly  violate,  or  willingly  permit to be
  violated, any of the provisions of law applicable to  such  corporation,
  and  that he is the owner of at least one share subscribed for by him or
  standing in his name on the books of the credit union and that the  same
  is  not  hypothecated, or in any way pledged as security for any loan or
  debt, except as permitted by subdivision four of  section  four  hundred
  fifty-six  of this chapter.  The affirmation of share ownership need not
  be given by any director,  officer  and  member  of  a  committee  of  a
  corporate credit union.  Such oath shall be subscribed by the directors,
  officers  and  members  of  committees  making  it  and certified by any
  officer  authorized  by  law  to  administer  oaths,   and   immediately
  transmitted to the superintendent.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 469 - Vacancies; Change in Number of Directors.

§  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 credit union to the superintendent within ten days after the event;
  and the credit union shall likewise report  the  filling  of  each  such
  vacancy  with the name, address and occupation of the person elected and
  the name of the person whose place he is to fill.
2. The number of directors may be changed within the  limits  provided
  in subdivision four of section four hundred fifty-one of this article by
  amendment of the bylaws.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 470 - Powers and Duties of Directors; Not Entitled to Compensation; Disqualification of Directors.

§  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 of the board of directors shall
  receive any compensation for his services as  a  member  of  the  board.
  Whenever  the  directors  shall  deem any loan unsafe they may, in their
  discretion, require additional security to be given by the borrower, and
  if such security is not furnished as required by them, they may  declare
  the  loan  due and take action to collect the same.  Complete minutes of
  all meetings of directors shall be kept which shall include the names of
  the directors present.
2. No person shall be eligible for election as a director of a  credit
  union  if  such person's spouse is a director or one of the five highest
  paid salaried officers of the credit  union,  if  such  person  or  such
  person's  spouse is the grandparent, parent, child, grandchild, brother,
  sister, uncle, nephew, or niece of a director or one of the five highest
  paid salaried officers of the credit union, or if a director or  one  of
  the  five  highest  paid  salaried  officers  of the credit union is the
  spouse of such person's child, grandchild, brother or sister.
No director in office on July seventeenth, nineteen hundred eighty-six
  shall be ineligible  for  the  office  of  director  by  reason  of  the
  provisions of this subdivision.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 471 - Duty of Directors and Officers.

§ 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  a  prudent  person
would  exercise  under  similar  circumstances  in  like  positions.  In
discharging their duties, directors and officers, when  acting  in  good
faith,  may  rely  (a)  upon  financial  statements  of the credit union
represented to them to be  correct  by  the  executive  officer  or  the
officer  of  the  credit union having charge of the books of account, or
stated in a written report by an independent public or certified  public
accountant  or  firm of such accountants fairly to reflect the financial
condition of such credit union, and (b)  upon  reports  required  to  be
submitted  to  them  by any provision of this chapter or prepared in the
ordinary course of business by an officer or committee charged with  the
responsibility  therefor.  Nothing  in  this  section shall be deemed to
require the directors to perform  functions  vested  in  any  committee,
officer  or other person pursuant to the provisions of any other section
of this chapter.
2. An action may be brought against one or more directors or  officers
of a credit union to procure a judgment for the following relief:
(a) To compel the defendant to account for his official conduct in the
following cases:
(i)  The  neglect of, or failure to perform, or other violation of his
duties in the management and disposition of the  credit  union's  assets
committed to his charge.
(ii)  The acquisition by himself, transfer to others, loss or waste of
the credit union's assets due to any neglect of or failure  to  perform,
or other violation of his duties.
(b)  To  set  aside a conveyance, assignment or transfer of the credit
union's assets by one or more  directors  or  officers,  contrary  to  a
provision of law, where the transferee knew the purpose of the transfer.
(c)  To enjoin such a conveyance, assignment or transfer of the credit
union's assets by one or more of the directors or officers  where  there
is good reason to apprehend that it will be made.
3.  Subject  to  section  six  hundred  thirty-one of this chapter, an
action may be brought for the relief  provided  in  this  section  by  a
credit union or an officer, director or judgment creditor thereof.
4.  This  section  shall not affect any liability otherwise imposed by
law upon any director or officer.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 473 - Loan Officers, Credit Committee; Duties.

§  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. The credit committee of every  credit  union  shall  meet  as
  often  as necessary, after due notice has been given to each member, for
  the purpose of passing upon applications of members for loans.  No  loan
  shall  be made unless approved by a loan officer or by a majority of the
  members of the credit committee; except the credit committee or  a  loan
  officer  may  approve  in  advance  upon  application  by  a  member, an
  extension of credit, and loans may be granted to such members within the
  limits of such extension of credit. The  loan  officers  or  the  credit
  committee   shall   be  responsible  for  reviewing  and  affirming  all
  extensions of credit and any extension of credit  shall  expire  if  the
  member  becomes  more  than ninety days delinquent in his obligations to
  the credit union.  If the credit union has shares  in  excess  of  fifty
  thousand  dollars,  the  credit  committee  may appoint one or more loan
  officers and delegate to him, her or them the  power  to  approve  loans
  within  the  limits  fixed  by  the  board of directors.   If the credit
  committee appoints one or more loan officers, not  more  than  one  loan
  officer  shall be a member of the credit committee and each loan officer
  shall report to the credit committee a record of each loan  approved  or
  disapproved  by  him,  her or them within seven days after filing of the
  loan application. All applications not approved by a loan officer  shall
  be acted upon by the credit committee.  If there is no credit committee,
  a  member  shall  have the right, upon written request, of review by the
  board of directors of a loan application which has been denied.
In no case shall a loan officer or a member of  the  credit  committee
  serve  as  a  member  of  the supervisory committee.   No officer who is
  authorized to sign checks shall act as a loan  officer.    If  a  credit
  union  has  less than five hundred thousand dollars in assets, its board
  of directors may act as its credit committee.  The credit  committee  of
  every  credit  union  shall  keep  full  and complete minutes of all the
  business transacted at each of its meetings. Such minutes shall  include
  the names of those present at such meetings.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 474 - Loan Reports to Directors.

§  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 credit committee, the
  board of directors shall designate, by resolution,  a  loan  officer  or
  officers  whose  duty  it  shall  be  to prepare and submit such written
  reports to the board.
2. These written reports shall be submitted to the board of  directors
  at  every  regular  monthly  meeting  of the board. Such written reports
  shall include a detailed description of any  collateral  securing  these
  loans.
3.  The  superintendent  may  promulgate  regulations  relating to the
  provisions of these loan reports.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 477 - Retirement and Insurance Benefits for Officers and Employees.

§  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  the  board  of  directors,  provide  to  officers  and
  employees  retirement benefits, deferred compensation programs and other
  employee benefit plans.
2. A credit union investing to fund  a  retirement  benefit,  deferred
  compensation  program  or  other  benefit  plan  for  its  officers  and
  employees  shall  not  be  subject  to  or  limited  by  the  investment
  provisions  set  forth  in  subdivision eighteen of section four hundred
  fifty-four of this article so long as the investment is directly related
  to  the  benefit  plan,  and  any  obligation  or  potential  obligation
  thereunder,  and the credit union holds the investment for as long as it
  provides such benefit plan or has any  actual  or  potential  obligation
  thereunder.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 478 - Amendment of Bylaws; Approval of Superintendent.

§  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 a credit union would have if there
  were no vacancies present at any meeting; provided the  proposed  change
  or  amendment  shall  have first had the approval of the superintendent,
  except as provided in subdivision two  of  this  section;  and  provided
  further, that notice of such meeting, with notice of the proposed change
  or  amendment,  shall  have been given to each director as prescribed in
  the bylaws and provided, further, that any amendment,  or  change  in  a
  bylaw  affecting  the  manner or method by which a shareholders' meeting
  may be convened, the voting rights of the shareholders, or a decrease in
  the number of directors of the  credit  union  shall  also  require  the
  approval  of  a majority of the shareholders present at a meeting of the
  shareholders. A copy of any change or amendment thus  adopted  shall  be
  filed  in  the office of the superintendent within thirty days after its
  adoption.
2. Notwithstanding the provisions of subdivision one of this  section,
  a  credit  union  may  change or amend its bylaws to add a group of less
  than three thousand members upon receiving a notice of no objection from
  the superintendent. Within ten business days of receiving such  proposed
  change or amendment, the superintendent shall either send a notice of no
  objection, notify the credit union that the proposed change or amendment
  is  denied,  or  notify  the  credit  union  that  additional  review is
  necessary; provided, however, that if additional  review  is  necessary,
  the  superintendent  shall  notify  the credit union of his or her final
  decision within no more than twenty-five business days of receiving such
  proposed change or amendment.
3. Any credit union deeming itself aggrieved by  the  refusal  of  the
  superintendent  to  give  his  or  her  approval to a proposed change or
  amendment may apply to any justice of the supreme court of the  district
  wherein  the credit union is located, upon notice to the superintendent,
  for a review of such decision. Such justice shall review the decision of
  the superintendent and may overrule or  set  aside  the  action  of  the
  superintendent  and  approve  such change or amendment. An approval thus
  obtained shall enable such credit union to make the change or  amendment
  as approved.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 479 - Credit Union Not Liable for Taxation.

§ 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  such  institutions
  from  taxation.  No  law  which  taxes  corporations in any form, or the
  shares thereof or the accumulations therein, shall apply to corporations
  doing business in accordance with the provisions of this article, unless
  such corporations are specifically named in said law.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 481 - Communications From Department of Financial Services Must Be Submitted to Directors and Supervisory Committee, and Noted in the Minutes.

§  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  and the supervisory committee at the next meeting of each
  such board or committee and duly noted in the minutes of the meeting  of
  such board or committee.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 482 - Reports to Superintendent; Penalty for Failure to Make.

§  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 other special reports to
  the superintendent at such times as he may require, which reports  shall
  be in the form and filed on the date prescribed by the superintendent.
3.  If any credit union shall fail to make any report required by this
  section on or before the day designated for the making thereof, or shall
  fail to include therein any information required by  the  superintendent
  to  be  included,  such  credit union shall forfeit to the people of the
  state an amount as determined pursuant to section forty-four-a  of  this
  chapter for every day that such report shall be delayed or withheld, and
  for every day that it shall fail to report any such omitted information,
  unless the time therefor shall have been extended by the superintendent.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 483 - Penalty for Loans to Non-Members; Recovery.

§  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 to a non-member of
  the corporation shall be guilty of a misdemeanor and shall be  primarily
  liable  to the corporation for the amount thus illegally loaned, and the
  illegality of such a loan shall be no  defense  in  any  action  by  the
  corporation to recover the amount lent.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 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  article,  or  by any federal law, and other than any
  statewide association of credit unions operating in this state,  of  any
  name or title which contains the two words "credit" and "union" shall be
  a misdemeanor.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 485 - Entries in Books; Preservation of Records.

§  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 upon its books  in
  the  name  of  any person, or under any title or designation that is not
  truly descriptive thereof.
2. Every credit union shall preserve all of its  records  of  original
  and  final  entry,  including  cancelled  checks,  withdrawal  slips and
  deposit tickets, for a period of at least six years  from  the  date  of
  making  same  or  from  the  date  of  the last entry thereon; provided,
  however, that  preservation  of  photographic  reproduction  thereof  or
  records  in  photographic  form  shall  constitute  compliance  with the
  requirements of this section.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 486-A - Retention of Special Additional Mortgage Recording Tax Exemption for Converted Federal Credit Unions.

§  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
  eighty-six  of  this article shall be exempt from the special additional
  mortgage tax imposed pursuant to paragraph (a) of subdivision  one-a  of
  section two hundred fifty-three of the tax law.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 487 - Conversion of a Credit Union Into a Federal Credit Union.

§  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 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. 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 credit union into a federal credit union. 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 two days thereafter.
Within  sixty  days after the date of such meeting, or such later date
  as the superintendent in his discretion may determine, the credit  union
  shall  take  such  action, in the manner prescribed or authorized by the
  laws of the United States, as shall make it a federal credit  union  and
  shall  thereupon  file in the office of the superintendent a copy of the
  charter or authorization issued to it. Upon such filing the credit union
  shall cease to be a corporation under the laws  of  this  state,  except
  that   its  corporate  existence  shall  continue  for  the  purpose  of
  prosecuting or defending suits and of enabling it to wind up its affairs
  as a state credit union and to dispose of and convey  its  property.  At
  the  time when such conversion becomes effective, all of the property of
  the state credit union shall immediately by act of law and  without  any
  conveyance  or  transfer become the property of the federal credit union
  and the federal credit union shall thereupon succeed to all the  rights,
  obligations and relations of the state credit union.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-A - Creation of 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 total share liabilities of all
  credit unions so organized may enter into an agreement, subject  to  the
  approval  of  the superintendent, to create a fund and from time to time
  make  contributions  thereto  in  accordance  with  the  terms  of  such
  agreement,  for the purpose of insuring the shares of such credit unions
  as shall become parties to such agreement; provided, however,  that  the
  shares  so  insured  of any one holder in any one credit union shall not
  exceed two thousand dollars. Such an agreement once entered into may  be
  continued,  notwithstanding the fact that any number of associations may
  cease to be parties thereto.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-B - Management of Fund.

§  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 members  of  a  supervisory
  committee  of credit unions. The appointment of a corporate trustee or a
  board of trustees, as the case may be, shall be subject to the  approval
  of  the  superintendent.  In  the  event  there be a board of individual
  trustees, a majority of them at any time in office, shall  constitute  a
  quorum  and  the  vote  of a majority present at any meeting, provided a
  quorum is present, shall be determinative.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-C - Execution and Filing of Agreement.

§  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 the
  superintendent and shall thereupon become effective. The  agreement  may
  be executed in any number of counterparts.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-D - Provisions of Agreement.

§  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 for the resignation or
removal of any such trustee or trustees  and  for  the  selection  of  a
substitute trustee or trustees;
(b) The amount of the initial contribution to the fund, which shall be
made  by  all  parties  to  the agreement ratably in proportion to their
respective share and deposit liabilities, and which shall  be  not  less
than  one-fourth  of  one  per  centum  of  the  total share and deposit
liabilities, of each such party;
(c) The manner of making subsequent  calls  for  contributions,  which
shall be made ratably upon all parties to the agreement in proportion to
their   respective  share  and  deposit  liabilities,  except  that  the
superintendent, where he deems it necessary and  advisable,  may  exempt
any such party or parties from any such call in whole or in part;
(d)  Procedure for amendment of such agreement and its termination and
liquidation of the fund;
(e) The powers to be vested in  the  corporate  trustee  or  board  of
trustees,  as the case may be, and the manner in which such powers shall
be exercised;
(f) The distribution of any earnings  realized  from  the  fund  which
distribution  shall  be  made  only  with  the  written  consent  of the
superintendent;
(g) The method of determining from time to  time  the  amount  of  the
share   and  deposit  liabilities  of  the  respective  parties  to  the
agreement;
(h) The requirements to be complied with by a party to  the  agreement
desiring  to  withdraw  therefrom prior to its termination, provided the
contributions to the fund theretofore made  by  such  withdrawing  party
shall not be returned but shall remain the property of the fund.