N.Y. Banking Law § 461: Change of location; establishment of stations; extension or revival of corporate existence

§ 461. Change of location; establishment of stations; extension or

revival of corporate existence. 1. Any credit union may make a written

application to the superintendent for leave to change its place of

business to another place within the state of New York. The application

shall state the reasons for such proposed change, and shall be

accompanied by a copy of a resolution authorizing the making of the

application, certified by a principal officer of the credit union to

have been adopted by a vote of a majority of its entire board of

directors at a meeting of such board, duly convened and held. Such

change may be made upon the written approval of the superintendent. If

the superintendent shall grant his certificate authorizing the change of

location, as provided in article two of this chapter, the credit union

may, upon or after the day specified in the certificate, remove its

property and effects to the location designated therein.

2. Subject to such regulations as the superintendent may adopt, any

credit union, may open and maintain within or without the state, in any

locality in which a substantial portion of its actual potential

membership is employed or residing, one or more stations for the conduct

of its business provided that before any such station or stations shall

be opened or maintained or removed to a new location:

(a) Its board of directors shall submit to the superintendent a

written application setting forth the reasons therefor and the proposed

location of such station or stations.

(b) The superintendent shall have given his written approval thereto.

3. Every application submitted under either subdivision one or two of

this section shall be accompanied by an investigation fee as prescribed

pursuant to section eighteen-a of this chapter.

4. By votes cast by a majority of the shareholders of record entitled

to vote at a meeting called for the purpose, a credit union, not having

perpetual existence, may extend its duration, or, if it ceased to exist

because of the expiration of the duration specified in its organization

certificate, may revive its existence. Such resolution shall be

transmitted to the superintendent, who shall issue, under his hand and

the official seal of the department, in triplicate, a certificate

setting forth the duration of the credit union as extended, which

certificates shall be transmitted and filed in the same manner as

authorization certificates.