§ 490-D — Provisions of agreement

New York § 490-D

• Jurisdiction: New York
• Law BNK: Banking
• Art. 11-A: Credit Union Insurance Fund

Text

§ 490-d. Provisions of agreement. The agreement shall provide for the\nfollowing: (a) The designation of a corporate trustee or a board of\ntrustees to administer the fund and procedure for the resignation or\nremoval of any such trustee or trustees and for the selection of a\nsubstitute trustee or trustees;\n (b) The amount of the initial contribution to the fund, which shall be\nmade by all parties to the agreement ratably in proportion to their\nrespective share and deposit liabilities, and which shall be not less\nthan one-fourth of one per centum of the total share and deposit\nliabilities, of each such party;\n (c) The manner of making subsequent calls for contributions, which\nshall be made ratably upon all parties to the agreement in proportion to\ntheir respective share and deposit liabilities, except that the\nsuperintendent, where he deems it necessary and advisable, may exempt\nany such party or parties from any such call in whole or in part;\n (d) Procedure for amendment of such agreement and its termination and\nliquidation of the fund;\n (e) The powers to be vested in the corporate trustee or board of\ntrustees, as the case may be, and the manner in which such powers shall\nbe exercised;\n (f) The distribution of any earnings realized from the fund which\ndistribution shall be made only with the written consent of the\nsuperintendent;\n (g) The method of determining from time to time the amount of the\nshare and deposit liabilities of the respective parties to the\nagreement;\n (h) The requirements to be complied with by a party to the agreement\ndesiring to withdraw therefrom prior to its termination, provided the\ncontributions to the fund theretofore made by such withdrawing party\nshall not be returned but shall remain the property of the fund.\n