§ 450-a. Designation of low income credit union.
1.A credit union\norganized under this article may be designated as a low income credit\nunion as defined in subdivision five of this section.\n 2. A credit union, including a credit union in formation, may make\nwritten application to the superintendent to be designated as a low\nincome credit union. If the superintendent shall find, after\ninvestigation, that such credit union meets the definition of a low\nincome credit union, as set forth in this section, he or she shall\napprove such designation.\n 3. Notwithstanding any other provision of this article, a low income\ncredit union may issue shares, share drafts and share certificates to\nnonmembers who or which may be natural persons, corporations,\npartnerships or other legal entit
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§ 450-a. Designation of low income credit union. 1. A credit union\norganized under this article may be designated as a low income credit\nunion as defined in subdivision five of this section.\n 2. A credit union, including a credit union in formation, may make\nwritten application to the superintendent to be designated as a low\nincome credit union. If the superintendent shall find, after\ninvestigation, that such credit union meets the definition of a low\nincome credit union, as set forth in this section, he or she shall\napprove such designation.\n 3. Notwithstanding any other provision of this article, a low income\ncredit union may issue shares, share drafts and share certificates to\nnonmembers who or which may be natural persons, corporations,\npartnerships or other legal entities.\n 4. Except as provided in this section, all provisions of this chapter\nshall be applicable to low income credit unions.\n 5. As used in this section, the term "low income credit union" shall\nmean a credit union in which a majority of the members: (a) make less\nthan eighty percent of the average for all wage earners as established\nby the bureau of labor statistics of the United States department of\nlabor or have annual household incomes that fall at or below eighty\npercent of the median household income for the nation as established by\nthe United States census bureau; or (b) are residents of a public\nhousing project who qualify for such residency because of low income; or\n(c) qualify to receive benefits from any program designed to assist the\neconomically disadvantaged. The superintendent of financial services may\npromulgate regulations appropriate to the formation and operation of low\nincome credit unions.\n 6. A credit union's designation as a low income credit union may be\nremoved by the superintendent if he or she shall find, after\ninvestigation, that such credit union no longer meets the definition of\na low income credit union as set forth in this section. Upon such a loss\nof designation, such credit union shall no longer be authorized to\nexercise the powers set forth in this section but shall remain subject\nto all of the other provisions of this chapter applicable to credit\nunions generally.\n