§ 455. Trust powers.
198 words·~1 min read·
/ny/banking/credit-unions/455·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 455. Trust powers. 1. The superintendent of financial services is
authorized and empowered to grant permission to a credit union to
exercise any or all of the powers specified in sections one hundred, one
hundred-a, one hundred-b and one hundred-c of this chapter. In passing
upon applications for permission to exercise any such powers, the
superintendent of financial services may take into consideration the
amount of net worth of the applying credit union, whether or not such
net worth is sufficient under the circumstances of the case, the needs
of the community to be served and any other facts and circumstances that
seem proper, and may grant or refuse it permission accordingly.
2. Whenever the laws of this state require a trust company acting in a
fiduciary capacity to deposit securities with the state authorities for
the protection of private or court trusts, a credit union, so acting, is
required and empowered to make similar deposits of securities.
3. The superintendent of financial services is authorized to
promulgate such regulations as he or she may deem necessary or proper to
implement the provisions of this section and the proper exercise of the
powers granted by this section.