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 […]
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 […]
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 […]
487-A – Conversion of a Credit Union Into a Mutual Savings Bank.
§ 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. 2. A proposal for a conversion described […]
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. […]
475 – Supervisory Committee; Powers and Duties.
§ 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 majority vote to call a […]
476 – Officers; Powers and Duties.
§ 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.
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. […]
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 […]
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 […]