New York Banking Law

Sec. § 461
Change of Location; Establishment of Stations; Extension or Revival of Corporate Existence


§ 461. Change of location; establishment of stations; extension or revival of corporate existence.

1.

Any credit union may make a written application to the superintendent for leave to change its place of business to another place within the state of New York. The application shall state the reasons for such proposed change, and shall be accompanied by a copy of a resolution authorizing the making of the application, certified by a principal officer of the credit union to have been adopted by a vote of a majority of its entire board of directors at a meeting of such board, duly convened and held. Such change may be made upon the written approval of the superintendent. If the superintendent shall grant his certificate authorizing the change of location, as provided in article two of this chapter, the credit union may, upon or after the day specified in the certificate, remove its property and effects to the location designated therein.

2.

Subject to such regulations as the superintendent may adopt, any credit union, may open and maintain within or without the state, in any locality in which a substantial portion of its actual potential membership is employed or residing, one or more stations for the conduct of its business provided that before any such station or stations shall be opened or maintained or removed to a new location:

(a)

Its board of directors shall submit to the superintendent a written application setting forth the reasons therefor and the proposed location of such station or stations.

(b)

The superintendent shall have given his written approval thereto.

3.

Every application submitted under either subdivision one or two of this section shall be accompanied by an investigation fee as prescribed pursuant to section eighteen-a of this chapter.

4.

By votes cast by a majority of the shareholders of record entitled to vote at a meeting called for the purpose, a credit union, not having perpetual existence, may extend its duration, or, if it ceased to exist because of the expiration of the duration specified in its organization certificate, may revive its existence. Such resolution shall be transmitted to the superintendent, who shall issue, under his hand and the official seal of the department, in triplicate, a certificate setting forth the duration of the credit union as extended, which certificates shall be transmitted and filed in the same manner as authorization certificates.
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Last accessed
Dec. 13, 2016