New York Laws
Article 11 - Credit Unions
471 - Duty of Directors and Officers.

(a) To compel the defendant to account for his official conduct in the
following cases:
(i) The neglect of, or failure to perform, or other violation of his
duties in the management and disposition of the credit union's assets
committed to his charge.
(ii) The acquisition by himself, transfer to others, loss or waste of
the credit union's assets due to any neglect of or failure to perform,
or other violation of his duties.
(b) To set aside a conveyance, assignment or transfer of the credit
union's assets by one or more directors or officers, contrary to a
provision of law, where the transferee knew the purpose of the transfer.
(c) To enjoin such a conveyance, assignment or transfer of the credit
union's assets by one or more of the directors or officers where there
is good reason to apprehend that it will be made.
3. Subject to section six hundred thirty-one of this chapter, an
action may be brought for the relief provided in this section by a
credit union or an officer, director or judgment creditor thereof.
4. This section shall not affect any liability otherwise imposed by
law upon any director or officer.

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