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N.Y. Banking Law § 466 Meetings of shareholders; voting
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§ 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…
N.Y. Banking Law § 467 Qualifications and disqualifications of directors and committee members
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§ 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…
N.Y. Banking Law § 468 Oaths of directors, officers and members of committees
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§ 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 un…
N.Y. Banking Law § 469 Vacancies; change in number of directors
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§ 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 even…
N.Y. Banking Law § 470 Powers and duties of directors; not entitled to compensation; disqualification of directors
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§ 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 r…
N.Y. Banking Law § 471 Duty of directors and officers
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§ 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 disch…
N.Y. Banking Law § 472 Special duties of directors
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§ 472. Special duties of directors. Unless the bylaws shall expressly reserve any or all of the following duties to the shareholders, it shall be the special duty of the directors: 1. To act upon applications for membership and to expel members; provided that the board of direct…
N.Y. Banking Law § 473 Loan officers, credit committee; duties
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§ 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…
N.Y. Banking Law § 474 Loan reports to directors
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§ 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 w…
N.Y. Banking Law § 475 Supervisory committee; powers and duties
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§ 475. Supervisory committee; powers and duties. 1. The supervisory committee shall have power: (a) To suspend at any time by unanimous vote, at a meeting called for that purpose, any member of the credit committee or any member of the board of directors or any officer. (b) By a…
N.Y. Banking Law § 476 Officers; powers and duties
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§ 476. Officers; powers and duties. The powers and duties of the officers of any credit union shall be such as are prescribed in the bylaws.
N.Y. Banking Law § 477 Retirement and insurance benefits for officers and employees
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§ 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 ret…
N.Y. Banking Law § 478 Amendment of bylaws; approval of superintendent
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§ 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 cha…
N.Y. Banking Law § 479 Credit union not liable for taxation
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§ 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 sha…
N.Y. Banking Law § 480 Fiscal year
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§ 480. Fiscal year. The fiscal year of every credit union shall end at the close of business on the thirty-first day of December.
N.Y. Banking Law § 481 Communications from department of financial services must be submitted to directors and supervisory committee, and noted in the minutes
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§ 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 …
N.Y. Banking Law § 482 Reports to superintendent; penalty for failure to make
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§ 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 ti…
N.Y. Banking Law § 483 Penalty for loans to non-members; recovery
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§ 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…
N.Y. Banking Law § 484 Penalty for use of term "credit union"
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§ 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 an…
N.Y. Banking Law § 485 Entries in books; preservation of records
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§ 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…
N.Y. Banking Law § 486 Conversion of a federal credit union into a state credit union
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§ 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 eac…
N.Y. Banking Law § 486-A Retention of special additional mortgage recording tax exemption for converted federal credit unions
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§ 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…
N.Y. Banking Law § 487 Conversion of a credit union into a federal credit union
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§ 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 person…
N.Y. Banking Law § 487-A Conversion of a credit union into a mutual savings bank
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§ 487-a. Conversion of a credit union into a mutual savings bank. 1. Any credit union having its place of business in this state may convert to a mutual savings bank, subject to the requirements and procedures set forth in the laws and regulations governing mutual savings banks.…
N.Y. Banking Law § 490-A Creation of fund
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§ 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…
N.Y. Banking Law § 490-B Management of fund
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§ 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 …
N.Y. Banking Law § 490-C Execution and filing of agreement
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§ 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 execut…
N.Y. Banking Law § 490-D Provisions of agreement
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§ 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 subst…
N.Y. Banking Law § 490-E Powers and duties of trustee or trustees
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§ 490-e. Powers and duties of trustee or trustees. It shall be the duty of the corporate trustee or the board of trustees, as the case may be, to collect the initial contribution to the fund, to call for, and to collect by legal proceedings if necessary, such subsequent contribu…
N.Y. Banking Law § 490-F Powers of superintendent to obtain payment from fund
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§ 490-f. Powers of superintendent to obtain payment from fund. In any case where the superintendent has taken possession of any party to the agreement and has been engaged in the liquidation thereof for one year, he may demand of the trustee or trustees payment to him from the f…
N.Y. Banking Law § 490-G Payment of liquidating dividends on uninsured shares
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§ 490-g. Payment of liquidating dividends on uninsured shares. In the event of liquidation by the superintendent of any credit union which is a party to the agreement, he shall pay on account of its uninsured share liabilities and deposit liabilities, dividends in the same manne…
N.Y. Banking Law § 490-H Exemption of fund from taxation
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§ 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
N.Y. Banking Law § 490-I Liability for payment of contributions
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§ 490-i. Liability for payment of contributions. Any credit union which is a party to the agreement provided for by this article shall be liable for the payment of any contribution called for by the trustee or trustees pursuant to such agreement in the same manner as it would be…
N.Y. Banking Law § 490-J Powers of credit unions with respect to agreement
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§ 490-j. Powers of credit unions with respect to agreement. Any credit union organized under the provisions of this chapter shall have the power to become a party to the agreement provided for by this article, and to take all actions authorized or required by the terms of such a…
N.Y. Banking Law § 491 Definitions
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§ 491. Definitions. In this article, unless the context or subject matter otherwise requires: 1. "Goods" means all chattels personal, but not including money and things in action. 2. "Motor vehicle" or "vehicle" means any device propelled or drawn by any power other than muscula…
N.Y. Banking Law § 492 License
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§ 492. License. 1. No person, except a bank, savings bank, savings and loan association, trust company, private banker, credit union, investment company organized under article twelve of this chapter and authorized to accept deposits, national bank, federal savings association, …
N.Y. Banking Law § 492-A Changes in control
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§ 492-a. Changes in control. 1. It shall be unlawful except with the prior approval of the superintendent for any action to be taken which results in a change of control of the business of a licensee. Prior to any change of control, the person desirous of acquiring control of th…
N.Y. Banking Law § 493 Action by superintendent on application
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§ 493. Action by superintendent on application. 1. Upon the filing of an application for a sales finance company's license, and the payment of the fees for license and investigation, the superintendent (a) May refuse to issue the license if he finds that the applicant, or any pe…
N.Y. Banking Law § 494 License form; posting; limitations
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§ 494. License form; posting; limitations. 1. Each license issued under this article shall state the address at which the licensed business is to be conducted and shall state fully the name of the licensee and, if the licensee is a copartnership or association, the names of the …
N.Y. Banking Law § 495 Revocation, suspension or surrender of licenses
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§ 495. Revocation, suspension or surrender of licenses. 1. The superintendent may suspend or revoke any license issued under this article, if he shall find that: (a) the licensee, knowingly or without the exercise of due care to prevent such violation, has violated any provision…
N.Y. Banking Law § 496 Judicial review
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§ 496. Judicial review. The refusal, suspension or revocation of a license by the superintendent shall be subject to review in the manner provided by article seventy-eight of the civil practice law and rules.
N.Y. Banking Law § 497 Investigations and examinations
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§ 497. Investigations and examinations. 1. The superintendent shall have the power to make such investigations as he shall deem necessary to determine whether any licensee or any other person has violated any of the provisions of this article or any other law relating to retail …
N.Y. Banking Law § 498 Complaints
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§ 498. Complaints. 1. Any buyer having reason to believe that this article, or any other law regulating retail instalment sales, contracts, obligations or credit agreements, has been violated by any person may file with the superintendent a written complaint setting forth the de…
N.Y. Banking Law § 498-B Regulations and rulings
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§ 498-b. Regulations and rulings. The superintendent of financial services is hereby authorized and empowered to make such general rules and regulations, and such specific rulings, demands and findings as may be necessary for the proper conduct of the business authorized and lic…
N.Y. Banking Law § 499 Violations and penalties
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§ 499. Violations and penalties. Any person who violates or participates in the violation of any provision of this article, or who knowingly makes any incorrect statement of a material fact in any application, report or statement filed pursuant to this article, or who knowingly …
N.Y. Banking Law § 5 Loans pursuant to the "Servicemen's Readjustment Act of 1944
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§ 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…
N.Y. Banking Law § 5001 Authorized shares
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§ 5001. Authorized shares. 1. Every corporation shall have power to create and issue the number of shares stated in its organization certificate. Such shares may be all of one class or may be divided into two or more classes. Each class shall consist of shares with par value, ha…
N.Y. Banking Law § 5002 Issue of any class of preferred shares in series
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§ 5002. Issue of any class of preferred shares in series. 1. If the organization certificate so provides, a corporation may issue any class of preferred shares in series. Shares of each such series, when issued, shall be designated to distinguish them from the shares of all othe…
N.Y. Banking Law § 5003 Subscription for shares; time of payment, forfeiture for default
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§ 5003. Subscription for shares; time of payment, forfeiture for default. 1. Unless otherwise provided by the terms of the subscription, a subscription for shares of a corporation to be formed shall be irrevocable, except with the consent of all other subscribers or the corporat…
N.Y. Banking Law § 5004 Consideration and payment for shares
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§ 5004. Consideration and payment for shares. 1. Consideration for the issue of shares shall consist of money or (except as otherwise required by subdivision a of subdivision one of section four thousand four) other property tangible or intangible, or labor or services actually …