New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter A - BANKING ORGANIZATIONS
Part 327 - Investments By Credit Unions In The Shares Of Corporate Credit Unions Located In This State
Section 327.1 - Investments by credit unions in the shares of corporate credit unions located in this state

Any credit union that seeks to invest in the shares of a state or Federal corporate credit union located in this State in an amount that exceeds 50 percent of its total capital or the insured limit, whichever is greater, shall give the superintendent prior written notice of its intent to make such investment. If the superintendent shall find that the proposed investment is consistent with the declaration of policy set forth in section 10 of the Banking Law, he or she shall, within 30 days after receipt of such notice, notify the credit union in writing that such investment may be made or that an additional period of time, not to exceed 60 days, is required to properly make a determination.