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This entry was published on 2014-09-22
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SECTION 463
Exemptions and individual liability of shareholders
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 463. Exemptions and individual liability of shareholders. The
transfer of the shares of any credit union shall not be taxable under
the provisions of article twelve of the tax law.

The shareholders of a credit union shall not be individually liable
for the payment of the credit union's debts.