N.Y. Banking Law Section 487
Conversion of a credit union into a federal credit union

Any credit union may convert itself into a federal credit union. A meeting of the shareholders of the credit union shall be held upon not less than ten days’ written notice to each shareholder, either served personally or mailed to him or her at his or her last known address and containing a statement of the time, place and purpose of such meeting. Proof by affidavit of due service of such notice shall be filed in the office of the credit union before or at the time of such meeting. At such meeting, a majority of the shareholders represented at the meeting may, by an affirmative vote in person or by proxy, authorize the conversion of such credit union into a federal credit union. A copy of the minutes of such meeting, certified by the presiding officer and by the secretary of the meeting, shall be filed in the office of the superintendent within two days thereafter. Within sixty days after the date of such meeting, or such later date as the superintendent in his discretion may determine, the credit union shall take such action, in the manner prescribed or authorized by the laws of the United States, as shall make it a federal credit union and shall thereupon file in the office of the superintendent a copy of the charter or authorization issued to it. Upon such filing the credit union shall cease to be a corporation under the laws of this state, except that its corporate existence shall continue for the purpose of prosecuting or defending suits and of enabling it to wind up its affairs as a state credit union and to dispose of and convey its property. At the time when such conversion becomes effective, all of the property of the state credit union shall immediately by act of law and without any conveyance or transfer become the property of the federal credit union and the federal credit union shall thereupon succeed to all the rights, obligations and relations of the state credit union.

Source: Section 487 — Conversion of a credit union into a federal credit union, https://www.­nysenate.­gov/legislation/laws/BNK/487 (updated Sep. 22, 2014; accessed Apr. 13, 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
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Accessed:
Apr. 13, 2024

Last modified:
Sep. 22, 2014

§ 487’s source at nysenate​.gov

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