N.Y. Banking Law Section 465
Withdrawal of shares after voting to liquidate

  • notices to shareholders
After the shareholders of a credit union have duly voted that the credit union be closed and such business wound up and voluntarily liquidated, and prior to the entry of an order of the supreme court declaring the business of such credit union closed, any shareholder withdrawing any or all of his shares shall be given written notice by the credit union at the time of such withdrawal on the withdrawal notice, that it has been duly voted to close the corporation, wind up its business and voluntarily liquidate, that application may be made to the supreme court for a closing order pursuant to subdivision four of § 605 (Voluntary liquidation)section six hundred five of this chapter, and that by receiving payment for the shares surrendered, he will not be entitled to any part of the surplus which may remain upon final liquidation and which would have been credited upon such shares had the same remained until the time that the closing order was obtained. If the notice is not given as aforesaid, the shareholder shall be entitled to share in the surplus, as if he had not made the withdrawal.

Source: Section 465 — Withdrawal of shares after voting to liquidate; notices to shareholders, https://www.­nysenate.­gov/legislation/laws/BNK/465 (updated Sep. 22, 2014; accessed Apr. 2, 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
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Accessed:
Apr. 2, 2025

Last modified:
Sep. 22, 2014

§ 465’s source at nysenate​.gov

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