N.Y. Banking Law § 452

§ 452. When corporate existence begins; conditions precedent to\ncommencing business. When the superintendent shall have endorsed his\napproval on the organization certificate, as provided in article two of\nthis chapter, the corporate existence of the credit union shall begin,\nand it shall then have power to elect officers and to transact such\nother business as relates to its organization. But it shall transact no\nother business until the superintendent shall have duly issued to it the\nauthorization certificate specified in article two of this chapter.\n