N.Y. BNK Law § 490-B
This is the official text of N.Y. BNK Law § 490-B, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Management of fund
Official statutory text
§ 490-b. Management of fund. The fund shall be collected, held,\nadministered and disbursed by a corporate trustee or a board of trustees\ncomposed of individuals who are directors or members of a supervisory\ncommittee of credit unions. The appointment of a corporate trustee or a\nboard of trustees, as the case may be, shall be subject to the approval\nof the superintendent. In the event there be a board of individual\ntrustees, a majority of them at any time in office, shall constitute a\nquorum and the vote of a majority present at any meeting, provided a\nquorum is present, shall be determinative.\n
Status: in_force · Read it on the official government site
Need a lawyer in New York?
Find a New York lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.