§ 450 — Incorporation; organization certificate

New York § 450

• Jurisdiction: New York
• Law BNK: Banking
• Art. 11: Credit Unions

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§ 450. Incorporation; organization certificate. When authorized by\nthe superintendent as provided in article two of this chapter, seven or\nmore persons employed or residing in the state of New York may form a\ncorporation to be known as a credit union, which may include a corporate\ncredit union or a credit union. The provisions of this article shall\napply to a corporate credit union or a credit union except as otherwise\nprovided. Such persons shall subscribe and acknowledge and submit to\nthe superintendent at his office an organization certificate in\nduplicate which shall specifically state:\n 1. The name of the corporation which shall include the words "credit\nunion."\n 2. The place where its business is to be transacted. If the condition\nof membership is employment of its members by certain individuals,\npartnerships or corporations, the place of business of any such\nindividual, partnership or corporation may be stated as the place of\nbusiness of such credit union.\n 3. The par value of the shares.\n 4. The full name, residence and post office address of each of the\nincorporators. These incorporators may serve as directors until the\nfirst annual meeting of shareholders. The organization certificate\nshall also indicate which of the incorporators will serve as directors\nuntil such meeting.\n 5. Its duration if other than perpetual.\n