N.Y. Banking Law § 490-b: Management of fund

§ 490-b. Management of fund. The fund shall be collected, held,

administered and disbursed by a corporate trustee or a board of trustees

composed of individuals who are directors or members of a supervisory

committee of credit unions. The appointment of a corporate trustee or a

board of trustees, as the case may be, shall be subject to the approval

of the superintendent. In the event there be a board of individual

trustees, a majority of them at any time in office, shall constitute a

quorum and the vote of a majority present at any meeting, provided a

quorum is present, shall be determinative.