§ 450. Incorporation; organization certificate.
216 words·~1 min read·
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§ 450. Incorporation; organization certificate. When authorized by
the superintendent as provided in article two of this chapter, seven or
more persons employed or residing in the state of New York may form a
corporation to be known as a credit union, which may include a corporate
credit union or a credit union. The provisions of this article shall
apply to a corporate credit union or a credit union except as otherwise
provided. Such persons shall subscribe and acknowledge and submit to
the superintendent at his office an organization certificate in
duplicate which shall specifically state:
1. The name of the corporation which shall include the words "credit
union."
2. The place where its business is to be transacted. If the condition
of membership is employment of its members by certain individuals,
partnerships or corporations, the place of business of any such
individual, partnership or corporation may be stated as the place of
business of such credit union.
3. The par value of the shares.
4. The full name, residence and post office address of each of the
incorporators. These incorporators may serve as directors until the
first annual meeting of shareholders. The organization certificate
shall also indicate which of the incorporators will serve as directors
until such meeting.
5. Its duration if other than perpetual.