Yonkers Postal Employees CU   

PO Box 653
Yonkers, N.Y. 10702-0653
(914) 423-7628

Email: ypecu@cloud9.net

 

Article I

Name and Location

Section 1. The name of this corporation, established and chartered on March 26, 1934 by the New York State Banking Department, shall be known as the Yonkers Postal Employees Credit Union. This corporation shall be located in the City of Yonkers, County of Westchester, in the State of New York .

Section 2. No business shall be transacted at any place other than its official address, as last approved by the Superintendent of Banks.

Section 3. The fiscal year of this Credit Union shall begin on the first day of January. The fiscal year of this Credit Union shall end on the thirty-first of December.

Article II

Purpose

Section 1. The purpose of this Credit Union shall be to promote thrift among its members and to make loans to its members at reasonable rates.

Article III

Membership

Section 1. A Career appointed employee of the United States Postal Service in Westchester , Putnam, Dutchess, Rockland , and Orange Counties who has passed their three (3) month probationary period, shall be eligible for membership.

Section 2. Those members who transfer from the above mentioned counties, may retain their membership.

Section 3. Upon electing to obtain membership and subscribing for one or more shares, shall pay for the same, together with an entrance fee, shall become a member of this Credit Union.

Section 4. All members are required to remain on payroll deductions until full retirement (30/55, 20/60, 5/65).

Section 5. Members absent from the payroll for a period of over six months may be required to resign their membership. Each circumstance will be considered on a case by case basis. Members having outstanding loans are required to pay their indebtedness. Co-makers may be responsible for payment of the loan. Legal proceedings may be required.

Article IV

Meeting of Members

Section 1. Annual Meeting

a.                               The annual meeting of members shall be held in the month of February.

b.                              Each member shall have one (1) vote and no vote shall be cast by proxy.

c.                               When otherwise provided in these By-Laws, the vote of the majority of members present at the Annual Meeting shall be the Act of Incorporation.

d.                              Ten percent (10%) of the membership shall constitute a quorum. If a quorum is not present on the date of the first appointment, the meeting shall be adjourned for four (4) weeks and a Special Notice shall be sent to all members. At the re-scheduled meeting, ten percent (10%) of the membership shall constitute a quorum.

e.                               A record of attendance at both meetings shall be kept and noted in the minutes. Should an adjournment be necessary, the Superintendent of Banks must be notified. All members are required to sign in at all meetings.

f.                               The Order of Business of the Annual Meeting is as Follows:

                         1. Saluting the flag.
                         2. Greetings from the President
                         3. Minutes of the previous Annual Meeting
                         4.Financial Report
                         5.Loan Report
                         6. Supervisory Committee Report
                         7. Announcements
                         8. Open Floor to the General Membership
                         9. General Elections (every 2 years)
                       10.Interim Election
                       11. Adjournment

Section 2. Special Meetings 

  1.  Special meetings shall be held at the request of ten percent (10%) of the members, in writing, or by order of the Board of Directors or Supervisory Committee.
  2. No other business than that specified in the notice shall be transacted at such meeting.
  3. The members by a majority vote, providing a quorum has been met, shall have the power to review the acts and reverse the decisions of the Board of Directors of this Credit Union.
  4. A special meeting called for the purpose of vacating the position of a member on the Board of Directors or Supervisory Committees, shall require a majority vote of those present providing a quorum has been met by the Board of Directors and Supervisory Committees.

Article V

Directors and Officers

Section 1. At the Annual Meeting, members shall elect a Board of Directors of five (5) members and a Supervisory Committee of three (3) members to serve a term of two (2) years.

Section 2. The majority of the Board of Directors holding office are permitted to vote to fill the vacancies of the Board of Directors or Supervisory Committee, until the next Annual Meeting. The general membership then votes to fill the un-expired term in the event the vacancy occurs during the two term period. The newly elected member shall hold office for the balance of the original two year term.

Section 3. All officers and committee members must abide by the following Code of Ethics:

  • All members voted by the general membership must be (or have been) in good standing with the United States Postal Service.
  • Good faith must be maintained by all elected officers, as they are guardians of funds, shares, and loans of the Credit Union.
  • Officers of the Board of Directors and Supervisory Committee, must be considered valid employees or retirees of the United States Postal Service.
  • All officers must also maintain good standing in their private lives.

Section 4. Members accepting positions in the Credit Union are to perform duties in accordance with their office. Members who find they are unable to meet their obligations either through their service schedules or private responsibilities are required to relinquish their position.

Section 5. The Credit Union is unable to function properly without the full cooperation of the Board of Directors and Supervisory Committees.

Section 6. No officer may jeopardize the Credit Union by being placed in a questionable or awkward position causing detriment or embarrassment to the Yonkers Postal Employees Credit Union.

Section 7. Major infractions dealing with finance, unlawful handling of the mail, dismissal, and or related acts, reflects upon the good judgment and proper management of the Credit Union.

Section 8. It becomes the responsibility of the officer to relinquish their position in good faith, until such time as the problem is resolved. Once this problem is resolved, they may once again resume their office or seek office at the next election.

Section 9. The Code of Ethics also holds true for candidates applying for a position in any capacity.

Section 10. No salary shall be paid to any officer or committee member, except for the Treasurer and Employees as permitted by law. The amount of such compensation shall, in each instance, be fixed by the Board of Directors, as well as reimbursements for expenses to officers and committee members.

Section 11. A meeting of the newly elected Board of Directors shall be held within ten (10) days after the Annual Meeting of the membership. The Board shall elect a President, Vice President, Secretary, Treasurer and Officer-at-Large. These members shall be known as the Executive Officers of the Credit Union.

Section 12. The Directors shall have such other powers and duties as provided in Article XI of the New York State Banking Laws.

Section 13. Thereafter, the Board of Directors shall meet at least once each month. At such meetings, three (3) members shall constitute a quorum.

Section 14. An officer who frequently omits meetings or duties shall be required to resign from office.

Article VI

Duties Of Officers

Section 1. The duties of the President shall be to preside at all meetings of members, Board of Directors, Special and Quarterly meetings consisting of the Board of Directors and Supervisory Committee.

Section 2. The President may countersign checks, disseminate correspondence, and legal documents.

Section 3. The President is required to know all aspects of the Credit Unionís rules and regulations and current procedures.

Section 4. The President shall assist new committee members in their duties and perform periodic reviews.

Section 5. The President shall be available to answer to the New York State Banking Department and perform the administrative duties connected with the office.

Section 6. The Vice President shall perform the duties of the President during any absence or disability.

Section 7. The Vice President shall be delegated to conduct duties connected with the office and serve in various capacities and sign checks.

Section 8. The Vice President is required to know all aspects of the Credit Unionís rules, regulations and procedures.

Section 9. The Secretary shall be responsible for the keeping records of all meetings, including the General Meeting of the Membership, Board of Director's and Quarterly meetings, and Special Meetings and have them available upon request.

Section 10. The Secretary shall notify members of meetings, bulletins and other correspondence.

Section 11. The Secretary may sign checks as needed and be replaced by the Officer-At-Large during absences or disability.

Section 12. The Treasurer shall be custodian of funds, securities, books of accounts, expenses, invoices, and all valuable papers pertaining to the Credit Union.

Section 13. The Treasurer shall maintain a detailed record of all financial transactions, sign checks, legal documents, secure the confidentiality of all member accounts of the Credit Union.

Section 14. The Treasurer shall be entrusted to invest funds and maintain insurance coverage with the approval of the Board of Directors.

Article VII

Article VIII

Supervisory Committee

Section 1. At the Annual Meeting the members shall elect a Supervisory Committee of three (3) members to serve a period of two (2) years. The Committee shall meet quarterly to audit the records and shall make reports to be reviewed by the Board of Directors.

Section 2. The Supervisory Committee shall audit securities, cash, and accounts of this Credit Union. They are to supervise the acts of the Board of Directors. They shall have such other powers and duties as are provided for by New York State Banking Laws.

Section 3. The Supervisory Committee shall keep a record of it proceedings, together with the Records of the Credit Union.

Section 4. The Supervisory Committee may call a special meeting with reference to disciplinary Action against one or more Officers of the Credit Union.

Article IX

Records

Section 1. Every member, at the time of their admission to membership in the Credit Union, shall affix his signature to a signature card which shall also state the Date of Admission, Address, Name, Address of Beneficiary, and other required information. This card must be preserved among the records of the Credit Union for a period of at least even (7) years from the date of repayment to the member all money due from the Credit Union.

Section 2. Every member shall sign at the time of their request for withdrawal of any part of the money due them, a completed withdrawal form with the signature of their co-maker if required.

Section 3. The Credit Union shall maintain a file which shall show at all times, the total obligations of the maker indebted to the Credit Union.

Section 4. The Credit Union shall preserve all of its records of original and final entry, including canceled checks, withdrawal forms, and deposit slips for a period of seven (7) years from the date of making same or from the date of last entry.

Article X

Shares

Section 1. The number of shares which may be issued by this Credit Union shall be in compliance with New York State Banking Laws.

Section 2. Par value of each share shall be twenty-five ($25) dollars.

Section 3. Shares must be paid for in full at the time of subscription, or may be paid in regular bi- weekly or monthly installments.

Article XI

Deposits

Section 1. The Credit Union may receive sums of money from its members on deposit as such terms as the Board of Directors may determine and, in amounts as permitted by law.

Section 2. All deposits shall draw interest as determined by the Credit Union.

Section 3. The rate of interest on deposits shall be determined by the Board of Directors. Interest shall be payable within two (2) weeks after the first day in January, April, July, and October, and shall be credited to the account of the depositors.

Article XII

Power To Borrow

Section 1. The Credit Union may borrow in such amount and manner as permitted by law, provided, however, that the amount borrowed, the terms upon which the loan is to be obtained and the name of the prospective lender are in each instance first submitted to the Board of Directors and duly authorized by them.

Article XIII

Investment Of Funds

Section 1. The capital, deposits, guaranty fund, reserved for bad debts, undivided profits, and all other funds of the Credit Union, may be invested according to law and as ordered by the Board of Directors.

Section 2. All securities shall be registered in the name of the Credit Union.

Article XIV

Loans

Section 1.  The Board of Directorís will appoint Loan Officers to review applications for loans and approve them in accordance with the guidelines established in the Loan Policy of the Credit Union.

a.       The number of Loan Officers will be fixed by the Board of Directorís to meet the demands of the loan approval process and as necessary to fill the needs of the membership.

b.      Loanís disapproved by the Loan Officer will be reviewed by the Board of Directorís for further consideration.

Section 2. Loans may be made to any member of the Credit Union in good standing for productive purposes or urgent needs. No loan shall be granted unless the borrower has been a member of the Credit Union for a period determined by the Board of Directors.

Section 3. The amount of the loan, the time for which it is granted, the terms of payment, and the form and value of security, shall be fixed by the Board of Directors within the limitations of the law.

Section 4. The rate of interest charged for loans shall be fixed by the Board of Directors.

Section 5. Applications for loans shall state specifically the purpose for which the money is borrowed. In case the facts, as stated in the application, are nor found to be represented or the money borrowed has been used for purposes other than those for which it was granted, the Board of Directors may declare the loan immediately due and payable.

Section 6. No officer of the Board of Directors or Supervisory Committee, shall submit a loan unless signed by the majority of the members of the Board of Directors and Supervisory Committee.

Section 7. The rate of interest on any such loans shall equal the current rate of interest.

Article XV

Membership Accounts

Section 1. Each member will receive a printout of their loan and share balances quarterly or by request.

Article XVI

Guaranty Fund And Reserve For Bad Debts

Section 1. A Guaranty Fund and Reserve For Bad Debts shall be established and maintained in such manner as the New York State Banking Law requires. They shall be the property of this Credit Union and shall be held to meet contingent losses and no share therein may be claimed by any member except upon dissolution.

Article XVII

Liability

Section 1. Members shall be equally and ratably liable for the payment of the debts of this Credit Union. No member shall be liable for any amount in excess of the par value of the Shares, which the member owns for which the member has subscribed.

Article XVIII

Amendments To The By-Laws

Section 1. These By-Laws may be amended by a three-fourths (3/4) vote of the members present at any meeting provided that the proposed amendment shall first have the approval of the Superintendent of Banks, and that notice of such meeting containing a true copy of the proposed amendment has been given to each member as prescribed by the New York State Banking Law.

Article XIX

Withdrawals

Section 1. Sums paid in on shares or on deposits may be withdrawn according to Credit Union regulations when the Credit Union is open for business.

Section 2. In case funds are not available to meet requests for withdrawals, such withdrawals shall be honored as funds become available in the order of filing notice or through the Bankís checking Reserve account.

Article XX

Section 1. At the meeting of the Shareholders, held as prescribed in the New York State Banking Law, the shareholders may by vote of the owners of at least two-thirds (2/3) in the amount of the entire capital shares of the Credit Union, direct that the Corporation be closed and the business completed in accordance with the procedure outlined in the Banking Laws.

Section 2. In witness of the adoption of the foregoing By-Laws set forth as the By-Laws of the Yonkers Postal Employees Credit Union.

Amendment 1 adopted 1/15/97

The Board of Directors voted to have the office administrator sign checks.

Amendment 2 adopted 1/15/97

The positions of Recording & Corresponding Secretary were eliminated and it was voted to have only one secretary.

Amendment 3 adopted 1/15/97

The Board of Directors voted to have an Officer-At-Large to replace officers as needed.

Amendment 4 adopted 2/16/14

The Board of Directors voted to allow family members of credit union account holders to become members.  Since the family member is most cases will not be a Postal employee, and therefore, will not be privy to the payroll deduction process, the member will be required to make over-the-counter deposits to their share account.  Loans will be approved to qualifying members as per the loan policy.

  

 

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