2014 New York Laws
BNK - Banking
Article 11 - (450 - 487-A) CREDIT UNIONS
465 - Withdrawal of shares after voting to liquidate; notices to shareholders.

  465.  Withdrawal  of  shares  after voting to liquidate; notices to
  shareholders.  After the shareholders of a credit union have duly  voted
  that  the  credit  union  be  closed  and  such  business  wound  up and
  voluntarily liquidated, and prior to  the  entry  of  an  order  of  the
  supreme  court  declaring  the business of such credit union closed, any
  shareholder withdrawing any or all of his shares shall be given  written
  notice  by  the  credit  union  at  the  time  of such withdrawal on the
  withdrawal notice, that it has been duly voted to close the corporation,
  wind up its business and voluntarily liquidate, that application may  be
  made  to  the  supreme court for a closing order pursuant to subdivision
  four of section six hundred five of this chapter, and that by  receiving
  payment  for the shares surrendered, he will not be entitled to any part
  of the surplus which may remain upon final liquidation and  which  would
  have been credited upon such shares had the same remained until the time
  that  the  closing  order  was  obtained.  If the notice is not given as
  aforesaid, the shareholder shall be entitled to share in the surplus, as
  if he had not made the withdrawal.