§ 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 […]
§ 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 […]
§ 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.
§ 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 […]
§ 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 contributions as become payable under the […]
§ 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 fund of such sum as shall […]
§ 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 manner and amount as he would pay on account thereof […]
§ 490-h. Exemption of fund from taxation. The fund provided for by this article and the income thereof shall be exempt from all taxation now or hereafter imposed by the state of New York or by any county, municipality or local authority or subdivision.
§ 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 liable for the payment of […]
§ 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 agreement and to pay all contributions […]
