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2017 New York Laws
BNK - Banking
Article 11 - Credit Unions
450-B - Designation of Student Branches.

Universal Citation: NY Banking L § 450-B (2017)
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  450-b.  Designation of student branches. 1. As used in this section
  the following terms shall have the following meanings:

(a) "school" shall mean any public or private elementary or  secondary
  school;

(b) "student" shall mean a child enrolled in a school;

(c) "student branch" shall mean the designation provided to the credit
  union  pertaining  to  the  in-school  services  and financial education
  offered to students. A student branch  shall  not  be  deemed  to  be  a
  station  and  shall  not  be  subject  to  any of the provisions of this
  article applicable to stations; provided, however, that a  credit  union
  shall  provide written notice to the superintendent of the establishment
  of any such student branch.

2. A credit union organized under this article may upon agreement with
  a school's governing body open and maintain a student branch.

3. Notwithstanding any other provision of  this  article  any  student
  enrolled in the school maintaining a student branch who is not otherwise
  qualified  for  membership in the credit union is hereby qualified for a
  student membership. Said student membership  shall  expire  thirty  days
  after  the  student's  graduation  from  secondary  school,  transfer to
  another school or termination of enrollment. The student branch shall be
  for the express use of the students and may  not  be  used  by  faculty,
  staff  or  lineal ancestors or descendants of students. Neither faculty,
  staff nor  lineal  ancestors  or  descendants  of  student  members  are
  eligible  for  membership in the credit union unless otherwise qualified
  under this article.

4. The superintendent may promulgate regulations  appropriate  to  the
  formation and operation of student branches.

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