# N.Y. BNK Law § 450: Incorporation; organization certificate

> New York · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S450

## Section

- **Citation:** N.Y. BNK Law § 450
- **Heading:** Incorporation; organization certificate
- **Jurisdiction:** New York
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** New York Code / Act BNK / Article 11 / Section 450

## Text

§ 450. Incorporation; organization certificate. When authorized by\nthe superintendent as provided in article two of this chapter, seven or\nmore persons employed or residing in the state of New York may form a\ncorporation to be known as a credit union, which may include a corporate\ncredit union or a credit union. The provisions of this article shall\napply to a corporate credit union or a credit union except as otherwise\nprovided. Such persons shall subscribe and acknowledge and submit to\nthe superintendent at his office an organization certificate in\nduplicate which shall specifically state:\n 1. The name of the corporation which shall include the words "credit\nunion."\n 2. The place where its business is to be transacted. If the condition\nof membership is employment of its members by certain individuals,\npartnerships or corporations, the place of business of any such\nindividual, partnership or corporation may be stated as the place of\nbusiness of such credit union.\n 3. The par value of the shares.\n 4. The full name, residence and post office address of each of the\nincorporators. These incorporators may serve as directors until the\nfirst annual meeting of shareholders. The organization certificate\nshall also indicate which of the incorporators will serve as directors\nuntil such meeting.\n 5. Its duration if other than perpetual.\n

## Nearby sections

- [N.Y. BNK Law § 450 Incorporation; organization certificate](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S450.md)
- [N.Y. BNK Law § 450-A Designation of low income credit union](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S450-A.md)
- [N.Y. BNK Law § 450-B Designation of student branches](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S450-B.md)
- [N.Y. BNK Law § 451 Proposed bylaws](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S451.md)
- [N.Y. BNK Law § 451-A Qualifications for membership](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S451-A.md)
- [N.Y. BNK Law § 452 When corporate existence begins; conditions precedent to commencing business](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S452.md)
- [N.Y. BNK Law § 453 Corporate credit unions](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S453.md)
- [N.Y. BNK Law § 454 General powers](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S454.md)
- [N.Y. BNK Law § 455 Trust powers](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S455.md)
- [N.Y. BNK Law § 456 Limitations upon powers](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S456.md)
- [N.Y. BNK Law § 457 Capital](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S457.md)
- [N.Y. BNK Law § 458-A Maintenance of reserves](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S458-A.md)
- [N.Y. BNK Law § 459 Allowance for loan loss](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S459.md)
- [N.Y. BNK Law § 460 Dividends to shareholders; conditions precedent](https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S460.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S450. Check the current official text before relying on it. Not legal advice.