457 – Capital.
§ 457. Capital. The capital of a credit union shall consist of the payments and dividends credited to shareholders on their shares.
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 […]
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 […]
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 […]
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 […]
450 – Incorporation; Organization Certificate.
§ 450. Incorporation; organization certificate. When authorized by the superintendent as provided in article two of this chapter, seven or more persons employed or residing in the state of New York may form a corporation to be known as a credit union, which may include a corporate credit union or a credit union. The provisions […]
450-A – Designation of Low Income Credit Union.
§ 450-a. Designation of low income credit union. 1. A credit union organized under this article may be designated as a low income credit union as defined in subdivision five of this section. 2. A credit union, including a credit union in formation, may make written application to the superintendent to be designated as a […]
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 […]
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 […]
451-A – Qualifications for Membership.
§ 451-a. Qualifications for membership. 1. Subject to approval of the superintendent, the membership of a credit union shall consist of persons within the credit union’s field of membership who have been duly admitted members. Subject to the approval of the superintendent, a credit union’s field of membership may include one or more of the […]