N.Y. Banking Law Section 479
Credit union not liable for taxation


Any credit union subject to the provisions of this article shall be deemed an institution for savings within the meaning of the law which exempts such institutions from taxation. No law which taxes corporations in any form, or the shares thereof or the accumulations therein, shall apply to corporations doing business in accordance with the provisions of this article, unless such corporations are specifically named in said law.

Source: Section 479 — Credit union not liable for taxation, https://www.­nysenate.­gov/legislation/laws/BNK/479 (updated Sep. 22, 2014; accessed Jun. 15, 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

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 479’s source at nysenate​.gov

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