N.Y. Banking Law § 477 Retirement and Insurance Benefits For Officers and Employees

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 477

1. Subject to such regulations as the superintendent of financial services may prescribe, a credit union may, in the discretion of a majority of all the board of directors, provide to officers and employees retirement benefits, deferred compensation programs and other employee benefit plans.

2. A credit union investing to fund a retirement benefit, deferred compensation program or other benefit plan for its officers and employees shall not be subject to or limited by the investment provisions set forth in subdivision eighteen of section four hundred fift...