N.Y. Banking Law § 450: Incorporation; organization certificate

§ 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.