N.Y. Banking Law Section 468
Oaths of directors, officers and members of committees

Each director, officer and member of a committee when first appointed or elected, shall take an oath that he will, so far as the duty devolves upon him, diligently and honestly administer the affairs of the credit union, and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to such corporation, and that he is the owner of at least one share subscribed for by him or standing in his name on the books of the credit union and that the same is not hypothecated, or in any way pledged as security for any loan or debt, except as permitted by subdivision four of § 456 (Limitations upon powers)section four hundred fifty-six of this chapter. The affirmation of share ownership need not be given by any director, officer and member of a committee of a corporate credit union. Such oath shall be subscribed by the directors, officers and members of committees making it and certified by any officer authorized by law to administer oaths, and immediately transmitted to the superintendent.

Source: Section 468 — Oaths of directors, officers and members of committees, https://www.­nysenate.­gov/legislation/laws/BNK/468 (updated Sep. 22, 2014; accessed Nov. 8, 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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Verified:
Nov. 8, 2025

Last modified:
Sep. 22, 2014

§ 468. Oaths of directors, officers & members of committees's source at nysenate​.gov

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