N.Y. Banking Law § 452: When corporate existence begins; conditions precedent to commencing business

§ 452. When corporate existence begins; conditions precedent to

commencing business. When the superintendent shall have endorsed his

approval on the organization certificate, as provided in article two of

this chapter, the corporate existence of the credit union shall begin,

and it shall then have power to elect officers and to transact such

other business as relates to its organization. But it shall transact no

other business until the superintendent shall have duly issued to it the

authorization certificate specified in article two of this chapter.