N.Y. GAS Law § 16

§ 16. Subsequent action against members. Where an action has been\nbrought against an officer, or a counterclaim has been made, in an\naction brought by an officer, as prescribed in this article, another\naction, for the same cause, shall not be brought against the members of\nthe association, or any of them, until after final judgment in the first\naction, and the return, wholly or partly unsatisfied or unexecuted, of\nan execution issued thereupon. After such a return, the party in whose\nfavor the execution was issued, may maintain an action, as follows:\n 1. Where he was the plaintiff, or a defendant recovering upon a\ncounterclaim, he may maintain an action against the members of the\nassociation, or, in a proper case, against any of them, as if the first\naction had not been brought, or the counterclaim had not been made, as\nthe case requires; and he may recover therein, as part of his damages,\nthe costs of the first action, or so much thereof, as the sum, collected\nby virtue of the execution, was insufficient to satisfy.\n 2. Where he was a defendant, and the case is not within subdivision\nfirst of this section, he may maintain an action, to recover the sum\nremaining uncollected, against the persons who composed the association,\nwhen the action against him was commenced, or the survivors of them.\n But this section does not affect the right of the person, in whose\nfavor the judgment in the first action was rendered, to enforce a bond\nor undertaking, given in the course of the proceedings therein. Section\neleven of this chapter applies to an action brought, as prescribed in\nthis section against the members of any association, which keeps a book\nfor the entry of changes in the membership of the association, or the\nownership of its property; and to each book so kept.\n