N.Y. Banking Law Section 455
Trust powers

1.

The superintendent of financial services is authorized and empowered to grant permission to a credit union to exercise any or all of the powers specified in sections one hundred, one hundred-a, one hundred-b and one hundred-c of this chapter. In passing upon applications for permission to exercise any such powers, the superintendent of financial services may take into consideration the amount of net worth of the applying credit union, whether or not such net worth is sufficient under the circumstances of the case, the needs of the community to be served and any other facts and circumstances that seem proper, and may grant or refuse it permission accordingly.

2.

Whenever the laws of this state require a trust company acting in a fiduciary capacity to deposit securities with the state authorities for the protection of private or court trusts, a credit union, so acting, is required and empowered to make similar deposits of securities.

3.

The superintendent of financial services is authorized to promulgate such regulations as he or she may deem necessary or proper to implement the provisions of this section and the proper exercise of the powers granted by this section.

Source: Section 455 — Trust powers, https://www.­nysenate.­gov/legislation/laws/BNK/455 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

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:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 455’s source at nysenate​.gov

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