N.Y. Comp. Codes R. & Regs. Tit. 3 § 97.6 - Separate existence of credit union organization
Every credit union organization shall be operated in a manner which demonstrates to the public that the organization has separate corporate existence and is operationally distinct from its member credit unions. Every instrument which evidences a borrowing by a credit union organization shall specifically indicate whether or not, and to what extent, its member credit unions are liable for such borrowing.
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