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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 11
Credit Unions
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SECTION 462
Foreign credit unions
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ARTICLE 11
Credit Unions
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SECTION 464
Manner of withdrawal; expulsion or suspension of members; effect upon liabilities to credit unions
This entry was published on 2014-09-22
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SECTION 463
Exemptions and individual liability of shareholders
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 463. Exemptions and individual liability of shareholders. The
transfer of the shares of any credit union shall not be taxable under
the provisions of article twelve of the tax law.

The shareholders of a credit union shall not be individually liable
for the payment of the credit union's debts.