Title BNK, Banking

§ 466. Meetings of shareholders; voting. 1. At all meetings of\nshareholders of every credit union each shareholder shall have one vote\nirrespective of the number of shares which he holds; provided, however,\nafter a credit union has been in existence for a period of more than …

§ 467. Qualifications and disqualifications of directors and committee\nmembers. Every director and committee member of a credit union shall be\nthe owner of at least one share subscribed for by him or standing in his\nname on the books of the credit union; and every person elec…

§ 468. Oaths of directors, officers and members of committees. Each\ndirector, officer and member of a committee when first appointed or\nelected, shall take an oath that he will, so far as the duty devolves\nupon him, diligently and honestly administer the affairs of the credit…

§ 469. Vacancies; change in number of directors. 1. Vacancies in the\nboard of directors, supervisory committee, or the credit committee,\noccasioned by resignations, deaths or other causes shall be reported by\neach credit union to the superintendent within ten days after the e…

§ 470. Powers and duties of directors; not entitled to compensation;\ndisqualification of directors. 1. The board of directors of every credit\nunion shall have the general management of the affairs, funds and\nrecords of the corporation. No member of the board of directors shal…

§ 471. Duty of directors and officers. 1. Directors and officers shall\ndischarge the duties of their respective positions in good faith and\nwith that degree of diligence, care and skill which a prudent person\nwould exercise under similar circumstances in like positions. In\nd…

§ 472. Special duties of directors. Unless the bylaws shall expressly\nreserve any or all of the following duties to the shareholders, it shall\nbe the special duty of the directors:\n 1. To act upon applications for membership and to expel members;\nprovided that the board of d…

§ 473. Loan officers, credit committee; duties. Whenever the term\n"credit committee" is used in this article, it shall solely be\napplicable to those credit unions whose bylaws provide for such\ncommittee. The credit committee of every credit union shall meet as\noften as neces…

§ 474. Loan reports to directors. 1. The credit committee shall\nprepare and submit written reports to the board of directors of all\nloans approved or disapproved. If there is no credit committee, the\nboard of directors shall designate, by resolution, a loan officer or\noffice…

§ 475. Supervisory committee; powers and duties. 1. The supervisory\ncommittee shall have power:\n (a) To suspend at any time by unanimous vote, at a meeting called for\nthat purpose, any member of the credit committee or any member of the\nboard of directors or any officer.\n (…

§ 476. Officers; powers and duties. The powers and duties of the\nofficers of any credit union shall be such as are prescribed in the\nbylaws.\n

§ 477. Retirement and insurance benefits for officers and employees.\n1. Subject to such regulations as the superintendent of financial\nservices may prescribe, a credit union may, in the discretion of a\nmajority of all the board of directors, provide to officers and\nemployees…

§ 478. Amendment of bylaws; approval of superintendent. 1. The bylaws\nof a credit union may be changed or amended by a vote of a majority of\nthe total number of directors which a credit union would have if there\nwere no vacancies present at any meeting; provided the proposed …

§ 479. Credit union not liable for taxation. Any credit union subject\nto the provisions of this article shall be deemed an institution for\nsavings within the meaning of the law which exempts such institutions\nfrom taxation. No law which taxes corporations in any form, or the\…

§ 480. Fiscal year. The fiscal year of every credit union shall end\nat the close of business on the thirty-first day of December.\n

§ 481. Communications from department of financial services must be\nsubmitted to directors and supervisory committee, and noted in the\nminutes. Every official communication as defined in article two of this\nchapter directed to a credit union shall be submitted to both the boa…

§ 482. Reports to superintendent; penalty for failure to make. 1.\nCredit unions shall forward to the superintendent all reports required\nby the National Credit Union Administration.\n 2. Every credit union shall also make such other special reports to\nthe superintendent at su…

§ 483. Penalty for loans to non-members; recovery. Any officer,\ndirector or member of a committee of a credit union who knowingly\npermits a loan to be made or participates in a loan to a non-member of\nthe corporation shall be guilty of a misdemeanor and shall be primarily\nli…

§ 484. Penalty for use of term "credit union". The use by any person,\npartnership, association or corporation, other than those authorized as\nprovided in this article, or by any federal law, and other than any\nstatewide association of credit unions operating in this state, of…

§ 485. Entries in books; preservation of records. 1. No credit union\nshall by any system of accounting or any device of bookkeeping, directly\nor indirectly, enter any of its assets or liabilities upon its books in\nthe name of any person, or under any title or designation that…

§ 486. Conversion of a federal credit union into a state credit union.\nAny federal credit union having its place of business in this state may\nconvert itself into a state credit union. A meeting of the shareholders\nshall be held upon not less than ten days' written notice to …

§ 486-a. Retention of special additional mortgage recording tax\nexemption for converted federal credit unions. Mortgages made by a\ncredit union that is issued an authorization certificate on or after\nJanuary first, two thousand nine pursuant to section four hundred\neighty-si…

§ 487. Conversion of a credit union into a federal credit union. Any\ncredit union may convert itself into a federal credit union. A meeting\nof the shareholders of the credit union shall be held upon not less than\nten days' written notice to each shareholder, either served per…

§ 487-a. Conversion of a credit union into a mutual savings bank. 1.\nAny credit union having its place of business in this state may convert\nto a mutual savings bank, subject to the requirements and procedures set\nforth in the laws and regulations governing mutual savings ban…

§ 490-a. Creation of fund. Any fifty or more credit unions organized\nunder the provisions of this chapter whose share liabilities aggregate\nnot less than fifty per centum of the total share liabilities of all\ncredit unions so organized may enter into an agreement, subject to …

§ 490-b. Management of fund. The fund shall be collected, held,\nadministered and disbursed by a corporate trustee or a board of trustees\ncomposed of individuals who are directors or members of a supervisory\ncommittee of credit unions. The appointment of a corporate trustee or…

§ 490-c. Execution and filing of agreement. The agreement when\napproved by the superintendent and executed by the credit unions\ndesiring to become parties thereto shall be filed in the office of the\nsuperintendent and shall thereupon become effective. The agreement may\nbe ex…

§ 490-d. Provisions of agreement. The agreement shall provide for the\nfollowing: (a) The designation of a corporate trustee or a board of\ntrustees to administer the fund and procedure for the resignation or\nremoval of any such trustee or trustees and for the selection of a\ns…

§ 490-e. Powers and duties of trustee or trustees. It shall be the\nduty of the corporate trustee or the board of trustees, as the case may\nbe, to collect the initial contribution to the fund, to call for, and to\ncollect by legal proceedings if necessary, such subsequent contr…

§ 490-f. Powers of superintendent to obtain payment from fund. In any\ncase where the superintendent has taken possession of any party to the\nagreement and has been engaged in the liquidation thereof for one year,\nhe may demand of the trustee or trustees payment to him from th…

§ 490-g. Payment of liquidating dividends on uninsured shares. In the\nevent of liquidation by the superintendent of any credit union which is\na party to the agreement, he shall pay on account of its uninsured share\nliabilities and deposit liabilities, dividends in the same ma…

§ 490-h. Exemption of fund from taxation. The fund provided for by\nthis article and the income thereof shall be exempt from all taxation\nnow or hereafter imposed by the state of New York or by any county,\nmunicipality or local authority or subdivision.\n

§ 490-i. Liability for payment of contributions. Any credit union\nwhich is a party to the agreement provided for by this article shall be\nliable for the payment of any contribution called for by the trustee or\ntrustees pursuant to such agreement in the same manner as it would…

§ 490-j. Powers of credit unions with respect to agreement. Any credit\nunion organized under the provisions of this chapter shall have the\npower to become a party to the agreement provided for by this article,\nand to take all actions authorized or required by the terms of suc…

§ 491. Definitions. In this article, unless the context or subject\nmatter otherwise requires:\n 1. "Goods" means all chattels personal, but not including money and\nthings in action.\n 2. "Motor vehicle" or "vehicle" means any device propelled or drawn by\nany power other than …

§ 492. License. 1. No person, except a bank, savings bank, savings and\nloan association, trust company, private banker, credit union,\ninvestment company organized under article twelve of this chapter and\nauthorized to accept deposits, national bank, federal savings\nassociati…

§ 492-a. Changes in control. 1. It shall be unlawful except with the\nprior approval of the superintendent for any action to be taken which\nresults in a change of control of the business of a licensee. Prior to\nany change of control, the person desirous of acquiring control of…

§ 493. Action by superintendent on application. 1. Upon the filing of\nan application for a sales finance company's license, and the payment of\nthe fees for license and investigation, the superintendent\n (a) May refuse to issue the license if he finds that the applicant, or\na…

§ 494. License form; posting; limitations. 1. Each license issued\nunder this article shall state the address at which the licensed\nbusiness is to be conducted and shall state fully the name of the\nlicensee and, if the licensee is a copartnership or association, the\nnames of …

§ 495. Revocation, suspension or surrender of licenses. 1. The\nsuperintendent may suspend or revoke any license issued under this\narticle, if he shall find that:\n (a) the licensee, knowingly or without the exercise of due care to\nprevent such violation, has violated any prov…

§ 496. Judicial review. The refusal, suspension or revocation of a\nlicense by the superintendent shall be subject to review in the manner\nprovided by article seventy-eight of the civil practice law and rules.\n

§ 497. Investigations and examinations. 1. The superintendent shall\nhave the power to make such investigations as he shall deem necessary to\ndetermine whether any licensee or any other person has violated any of\nthe provisions of this article or any other law relating to reta…

§ 498. Complaints. 1. Any buyer having reason to believe that this\narticle, or any other law regulating retail instalment sales, contracts,\nobligations or credit agreements, has been violated by any person may\nfile with the superintendent a written complaint setting forth the…

§ 498-b. Regulations and rulings. The superintendent of financial\nservices is hereby authorized and empowered to make such general rules\nand regulations, and such specific rulings, demands and findings as may\nbe necessary for the proper conduct of the business authorized and\…

§ 499. Violations and penalties. Any person who violates or\nparticipates in the violation of any provision of this article, or who\nknowingly makes any incorrect statement of a material fact in any\napplication, report or statement filed pursuant to this article, or who\nknowin…

§ 5. Loans pursuant to the "Servicemen's Readjustment Act of 1944." 1.\nSubject to such regulations and restrictions as the superintendent of\nfinancial services finds to be necessary and proper, (i) any loan at\nleast twenty per centum of which is guaranteed under title three o…

§ 5001. Authorized shares. 1. Every corporation shall have power to\ncreate and issue the number of shares stated in its organization\ncertificate. Such shares may be all of one class or may be divided into\ntwo or more classes. Each class shall consist of shares with par value,…

§ 5002. Issue of any class of preferred shares in series. 1. If the\norganization certificate so provides, a corporation may issue any class\nof preferred shares in series. Shares of each such series, when issued,\nshall be designated to distinguish them from the shares of all o…

§ 5003. Subscription for shares; time of payment, forfeiture for\ndefault. 1. Unless otherwise provided by the terms of the subscription,\na subscription for shares of a corporation to be formed shall be\nirrevocable, except with the consent of all other subscribers or the\ncorp…

§ 5004. Consideration and payment for shares. 1. Consideration for the\nissue of shares shall consist of money or (except as otherwise required\nby subdivision a of subdivision one of section four thousand four) other\nproperty tangible or intangible, or labor or services actual…