# N.Y. BNK Law § 455: Trust powers

> New York · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NY_ABNK_A11_S455

## Section

- **Citation:** N.Y. BNK Law § 455
- **Heading:** Trust powers
- **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 455

## Text

§ 455. Trust powers. 1. The superintendent of financial services is\nauthorized and empowered to grant permission to a credit union to\nexercise any or all of the powers specified in sections one hundred, one\nhundred-a, one hundred-b and one hundred-c of this chapter. In passing\nupon applications for permission to exercise any such powers, the\nsuperintendent of financial services may take into consideration the\namount of net worth of the applying credit union, whether or not such\nnet worth is sufficient under the circumstances of the case, the needs\nof the community to be served and any other facts and circumstances that\nseem proper, and may grant or refuse it permission accordingly.\n 2. Whenever the laws of this state require a trust company acting in a\nfiduciary capacity to deposit securities with the state authorities for\nthe protection of private or court trusts, a credit union, so acting, is\nrequired and empowered to make similar deposits of securities.\n 3. The superintendent of financial services is authorized to\npromulgate such regulations as he or she may deem necessary or proper to\nimplement the provisions of this section and the proper exercise of the\npowers granted by this section.\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_S455. Check the current official text before relying on it. Not legal advice.