N.Y. Banking Law Section 451
Proposed bylaws

The incorporators shall subscribe and acknowledge and submit to the superintendent proposed bylaws, in duplicate, which shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters:

1.

The purposes of the corporation.

2.

The qualifications for membership. Such qualifications for membership shall be established in accordance with the provisions of § 451-A (Qualifications for membership)section four hundred fifty-one-a of this article, except that such section shall not apply to a corporate credit union.

3.

The manner of conducting meetings, the method by which members shall be notified of meetings, and the number of members which shall constitute a quorum.

4.

The number of directors, which shall be a number not less than five nor more than fifteen.

5.

The term of office of directors.

6.

The number of directors necessary to constitute a quorum.

7.

The time, place and manner of holding the annual and any special meetings of the members of the credit union.

8.

The officers to be elected from among the board of directors; their titles, duties and terms of office.

9.

Whether one or more loan officers or, in the alternative, a credit committee shall have the responsibility of passing upon the applications of members for loans and the powers and duties of the loan officer or credit committee and the number of members, not less than three, of which the credit committee shall be composed, their term of office, and manner of election or appointment.

10.

The powers, duties, term of office and manner of election or appointment of the supervisory committee and the number of members, not less than three, of which it shall be composed.

11.

The conditions upon which shares may be issued, paid for, transferred and withdrawn.

12.

The fines, if any, which shall be charged for failure punctually to meet obligations to the corporation.

13.

The manner in which dividends shall be determined and paid to members.

14.

The manner in which the funds of the corporation shall be employed.

15.

The conditions upon which loans may be made and repaid.

16.

The maximum rate of interest that may be charged upon loans.

17.

The method of receipting for money paid on account of shares or loans.

Source: Section 451 — Proposed bylaws, https://www.­nysenate.­gov/legislation/laws/BNK/451 (updated Mar. 20, 2015; accessed Feb. 15, 2025).

450
Incorporation 450‑A
Designation of low income credit union 450‑B
Designation of student branches 451
Proposed bylaws 451‑A
Qualifications for membership 452
When corporate existence begins 453
Corporate credit unions 454
General powers 455
Trust powers 456
Limitations upon powers 457
Capital 458‑A
Maintenance of reserves 459
Allowance for loan loss 460
Dividends to shareholders 461
Change of location 462
Foreign credit unions 463
Exemptions and individual liability of shareholders 464
Manner of withdrawal 465
Withdrawal of shares after voting to liquidate 466
Meetings of shareholders 467
Qualifications and disqualifications of directors and committee members 468
Oaths of directors, officers and members of committees 469
Vacancies 470
Powers and duties of directors 471
Duty of directors and officers 472
Special duties of directors 473
Loan officers, credit committee 474
Loan reports to directors 475
Supervisory committee 476
Officers 477
Retirement and insurance benefits for officers and employees 478
Amendment of bylaws 479
Credit union not liable for taxation 480
Fiscal year 481
Communications from department of financial services must be submitted to directors and supervisory committee, and noted in the minutes 482
Reports to superintendent 483
Penalty for loans to non-members 484
Penalty for use of term “credit union” 485
Entries in books 486
Conversion of a federal credit union into a state credit union 486‑A
Retention of special additional mortgage recording tax exemption for converted federal credit unions 487
Conversion of a credit union into a federal credit union 487‑A
Conversion of a credit union into a mutual savings bank
Green check means up to date. Up to date

Accessed:
Feb. 15, 2025

Last modified:
Mar. 20, 2015

§ 451’s source at nysenate​.gov

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