N.Y. Banking Law § 462: Foreign credit unions

§ 462. Foreign credit unions. Subject to such regulations as the

superintendent may adopt, any credit union located in a state other than

this state may open and maintain in this state, in any locality in which

a substantial portion of its actual or 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:

1. 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. The application for each such station shall

be accompanied by a fee as prescribed pursuant to section eighteen-a of

this chapter.

2. The superintendent shall have given his written approval thereto.