N.Y. Banking Law § 465: Withdrawal of shares after voting to liquidate; notices to shareholders

§ 465. Withdrawal of shares after voting to liquidate; notices to

shareholders. After the shareholders of a credit union have duly voted

that the credit union be closed and such business wound up and

voluntarily liquidated, and prior to the entry of an order of the

supreme court declaring the business of such credit union closed, any

shareholder withdrawing any or all of his shares shall be given written

notice by the credit union at the time of such withdrawal on the

withdrawal notice, that it has been duly voted to close the corporation,

wind up its business and voluntarily liquidate, that application may be

made to the supreme court for a closing order pursuant to subdivision

four of section six hundred five of this chapter, and that by receiving

payment for the shares surrendered, he will not be entitled to any part

of the surplus which may remain upon final liquidation and which would

have been credited upon such shares had the same remained until the time

that the closing order was obtained. If the notice is not given as

aforesaid, the shareholder shall be entitled to share in the surplus, as

if he had not made the withdrawal.