N.Y. Banking Law § 450-b: Designation of student branches

§ 450-b. Designation of student branches. 1. As used in this section

the following terms shall have the following meanings:

(a) "school" shall mean any public or private elementary or secondary

school;

(b) "student" shall mean a child enrolled in a school;

(c) "student branch" shall mean the designation provided to the credit

union pertaining to the in-school services and financial education

offered to students. A student branch shall not be deemed to be a

station and shall not be subject to any of the provisions of this

article applicable to stations; provided, however, that a credit union

shall provide written notice to the superintendent of the establishment

of any such student branch.

2. A credit union organized under this article may upon agreement with

a school's governing body open and maintain a student branch.

3. Notwithstanding any other provision of this article any student

enrolled in the school maintaining a student branch who is not otherwise

qualified for membership in the credit union is hereby qualified for a

student membership. Said student membership shall expire thirty days

after the student's graduation from secondary school, transfer to

another school or termination of enrollment. The student branch shall be

for the express use of the students and may not be used by faculty,

staff or lineal ancestors or descendants of students. Neither faculty,

staff nor lineal ancestors or descendants of student members are

eligible for membership in the credit union unless otherwise qualified

under this article.

4. The superintendent may promulgate regulations appropriate to the

formation and operation of student branches.