Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 461
Change of location; establishment of stations; extension or revival of corporate existence
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 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 be
accompanied by a copy of a resolution authorizing the making of the
application, certified by a principal officer of the credit union to
have been adopted by a vote of a majority of its entire board of
directors at a meeting of such board, duly convened and held. Such
change may be made upon the written approval of the superintendent. If
the superintendent shall grant his certificate authorizing the change of
location, as provided in article two of this chapter, the credit union
may, upon or after the day specified in the certificate, remove its
property and effects to the location designated therein.

2. Subject to such regulations as the superintendent may adopt, any
credit union, may open and maintain within or without the state, in any
locality in which a substantial portion of its actual potential
membership is employed or residing, one or more stations for the conduct
of its business provided that before any such station or stations shall
be opened or maintained or removed to a new location:

(a) Its board of directors shall submit to the superintendent a
written application setting forth the reasons therefor and the proposed
location of such station or stations.

(b) The superintendent shall have given his written approval thereto.

3. Every application submitted under either subdivision one or two of
this section shall be accompanied by an investigation fee as prescribed
pursuant to section eighteen-a of this chapter.

4. By votes cast by a majority of the shareholders of record entitled
to vote at a meeting called for the purpose, a credit union, not having
perpetual existence, may extend its duration, or, if it ceased to exist
because of the expiration of the duration specified in its organization
certificate, may revive its existence. Such resolution shall be
transmitted to the superintendent, who shall issue, under his hand and
the official seal of the department, in triplicate, a certificate
setting forth the duration of the credit union as extended, which
certificates shall be transmitted and filed in the same manner as
authorization certificates.