§ 450-B — Designation of student branches

New York § 450-B

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

Text

§ 450-b. Designation of student branches. 1. As used in this section\nthe following terms shall have the following meanings:\n (a) "school" shall mean any public or private elementary or secondary\nschool;\n (b) "student" shall mean a child enrolled in a school;\n (c) "student branch" shall mean the designation provided to the credit\nunion pertaining to the in-school services and financial education\noffered to students. A student branch shall not be deemed to be a\nstation and shall not be subject to any of the provisions of this\narticle applicable to stations; provided, however, that a credit union\nshall provide written notice to the superintendent of the establishment\nof any such student branch.\n 2. A credit union organized under this article may upon agreement with\na school's governing body open and maintain a student branch.\n 3. Notwithstanding any other provision of this article any student\nenrolled in the school maintaining a student branch who is not otherwise\nqualified for membership in the credit union is hereby qualified for a\nstudent membership. Said student membership shall expire thirty days\nafter the student's graduation from secondary school, transfer to\nanother school or termination of enrollment. The student branch shall be\nfor the express use of the students and may not be used by faculty,\nstaff or lineal ancestors or descendants of students. Neither faculty,\nstaff nor lineal ancestors or descendants of student members are\neligible for membership in the credit union unless otherwise qualified\nunder this article.\n 4. The superintendent may promulgate regulations appropriate to the\nformation and operation of student branches.\n