N.Y. BNK Law § 121 — New York Code / Act BNK / Article 3 / Section 121
Reports to directors
Status: in_force

§ 121. Reports to directors. The board of directors shall, at least\nonce in each year by resolution duly recorded in the minutes, designate\nan officer or officers whose duty it shall be to prepare and submit,\neither to each director present at each regular meeting of the board, or\nto each member of an executive committee of not less than five members\nof such board, present at a regular meeting of such committee, a written\nreport as described in this section. Except as otherwise provided by the\nsuperintendent by regulation, which regulation may define the terms\ncontained herein and establish such requirements according to size\nand/or business activities of a bank or trust company, such report shall\ninclude all the purchases and sales of securities, and every discount,\nloan or other advance, including all renewals made and the maximum\noverdraft permitted in each account, since the date of the last\npreceding similar report, describing the collateral to such indebtedness\nas of the date of the report; but such officer or officers may omit from\nsuch report discounts, loans or advances, including overdrafts and\nrenewals, of an amount less than one-half of one per centum of the\ncombined capital stock, surplus fund and undivided profits of such bank\nor trust company, or less than one thousand dollars, whatever the\ncombined capital stock, surplus fund and undivided profits may be.\nUnless the superintendent shall provide otherwise by regulation, which\nregulation may define the terms contained herein and establish such\nrequirements according to size and/or business activities of a bank or\ntrust company, such report shall also contain a list giving the\naggregate of loans, discounts and advances, including overdrafts and\nrenewals, to each individual, partnership, unincorporated association,\ncorporation or person whose liability to the bank or trust company has\nbeen increased, since the date of the last preceding similar report to\nan amount equal to or more than the amount above required to be\nreported, and such report shall also include any further increase\nthereafter provided that the amount of any such increase, either itself,\nor together with other increases since such loan, discount, advance,\noverdraft or renewal was last reported is equal to more than one-tenth\nof one per centum of the combined capital stock, surplus fund and\nundivided profits of such bank or trust company. Each such report shall\nalso contain a description of the collateral to such indebtedness held\nby the bank or trust company as of the date of the report unless the\nsuperintendent shall provide otherwise by regulation. Such aggregate\nliabilities shall be computed as provided in paragraph (e) of\nsubdivision one of section one hundred three of this article. A copy of\nsuch report, together with a list of the directors present at such\nmeeting, verified by the affidavit of the officer or officers charged\nwith the duty of preparing and submitting such report shall be filed\nwith the records of the bank or trust company within five business days\nafter such meeting, and be presumptive evidence of the matters therein\nstated.\n