N.Y. Banking Law § 490-a: Creation of fund

§ 490-a. Creation of fund. Any fifty or more credit unions organized

under the provisions of this chapter whose share liabilities aggregate

not less than fifty per centum of the total share liabilities of all

credit unions so organized may enter into an agreement, subject to the

approval of the superintendent, to create a fund and from time to time

make contributions thereto in accordance with the terms of such

agreement, for the purpose of insuring the shares of such credit unions

as shall become parties to such agreement; provided, however, that the

shares so insured of any one holder in any one credit union shall not

exceed two thousand dollars. Such an agreement once entered into may be

continued, notwithstanding the fact that any number of associations may

cease to be parties thereto.