N.Y. Banking Law § 490-b

§ 490-b. Management of fund. The fund shall be collected, held,\nadministered and disbursed by a corporate trustee or a board of trustees\ncomposed of individuals who are directors or members of a supervisory\ncommittee of credit unions. The appointment of a corporate trustee or a\nboard of trustees, as the case may be, shall be subject to the approval\nof the superintendent. In the event there be a board of individual\ntrustees, a majority of them at any time in office, shall constitute a\nquorum and the vote of a majority present at any meeting, provided a\nquorum is present, shall be determinative.\n