§ 450 Incorporation; Organization Certificate
§ 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; Conditions Precedent to Commencing Business
§ 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; Conditions Precedent
§ 461 Change of Location; Estblishment of Stations; Extension or Revival of Corporate Existence
§ 462 Foreign Credit Unions
§ 463 Exemptions and Individual Liability of Shareholders
§ 464 Manner of Withdrawal; Expulsion or Suspension of Members; Effect Upon Liabilities to Credit Unions
§ 465 Withdrawal of Shares After Voting to Liquidate; Notices to Shareholders
§ 466 Meetings of Shareholders; Voting
§ 467 Qualifications and Disqualifications of Directors and Committee Members
§ 468 Oaths of Directors; Officers and Members of Committees
§ 469 Vacancies; Change in Number of Directors
§ 470 Powers and Duties of Directors; Not Entitled to Compensation; Disqualification of Directors
§ 471 Duty of Directors and Officers
§ 472 Special Duties of Directors
§ 473 Loan Officers, Credit Committee; Duties
§ 474 Loan Reports to Directors
§ 475 Supervisory Committee; Powers and Duties
§ 476 Officers; Powers and Duties
§ 477 Retirement and Insurance Benefits for Officers and Employees
§ 478 Amendment of Bylaws; Approval of Superintendent
§ 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; Penalty for Failure to Make
§ 483 Penalty for Loans to Non-Members; Recovery
§ 484 Penality for Use of Term “credit Union”
§ 485 Entries in Books; Preservation of Records
§ 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

Terms Used In New York Laws > Banking > Article 11

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • political subdivision: as used in this Article , shall mean and include, in addition to its usual meaning, water districts, water supply districts, and any other public authorities, public corporations, commissions or bodies having power to own, acquire, or contract for a public water supply. See
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.