450 - Incorporation; organization certificate.

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