New York § 490-E Powers and duties of trustee or trustees

New York Statutes

§ 490-E — Powers and duties of trustee or trustees

New York § 490-E

Law BNKBanking

Art. 11-ACredit Union Insurance Fund

This text of New York § 490-E (Powers and duties of trustee or trustees) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Banking § 490-E (2026).

Text

  § 490-e. Powers and duties of trustee or trustees. It shall be the\nduty of the corporate trustee or the board of trustees, as the case may\nbe, to collect the initial contribution to the fund, to call for, and to\ncollect by legal proceedings if necessary, such subsequent contributions\nas become payable under the terms of the agreement, and to administer\nthe fund so created in accordance with the terms of the agreement. Such\npart of the fund as is not required to be kept on hand or in bank for\nthe purpose of meeting and satisfying demands made by the superintendent\npursuant to the next succeeding section, may be invested in obligations\nof the United States and of the state of New York, and of any county or\nmunicipality of the state of New York.\n

Free access — add to your briefcase to read the full text and ask questions with AI

§ 490-e. Powers and duties of trustee or trustees. It shall be the\nduty of the corporate trustee or the board of trustees, as the case may\nbe, to collect the initial contribution to the fund, to call for, and to\ncollect by legal proceedings if necessary, such subsequent contributions\nas become payable under the terms of the agreement, and to administer\nthe fund so created in accordance with the terms of the agreement. Such\npart of the fund as is not required to be kept on hand or in bank for\nthe purpose of meeting and satisfying demands made by the superintendent\npursuant to the next succeeding section, may be invested in obligations\nof the United States and of the state of New York, and of any county or\nmunicipality of the state of New York.\n