NY Banking L § 384 (2021)
2021 New York Laws BNK - Banking Article 10 - Savings and Loan Associations 384 - Entries in Books; Restrictions; Amortization of Securities.

§ 384.  Entries in books; restrictions; amortization of securities. 1.   No savings and loan association shall by any system of accounting or any   device of bookkeeping, directly or indirectly, enter any of  its  assets   upon   its   books  in  the  name  of  any  individual,  partnership  or   unincorporated association or of any other  corporation,  or  under  any   title  or  designation  that is not truly descriptive thereof, except as   authorized by the provisions of this article.2. The stocks, bonds or other interest-bearing  obligations  purchased   by  a  savings and loan association shall be entered on its books at the   actual cost thereof, and shall not thereafter be carried upon its  books   at  a valuation exceeding their cost as adjusted by amortization for the   purpose of bringing them  to  par  at  maturity;  and  where  securities   purchased  at  a  premium  are  callable  prior to maturity, the rate of   amortization thereof shall be increased when necessary to such extent as   shall reduce the amount at which such securities are  carried  upon  the   books  to  the  call price at the date or dates upon which a call may be   made. No adjustment for amortization shall be required to be made on the   books, except when the books are closed for  the  purpose  of  computing   profits.  The  superintendent may by regulation vary the requirements of   this subdivision to permit the amortization of premiums at the same rate   as that required by federal tax statutes or regulations.3. No savings and loan association, without the written permission  of   the  superintendent,  shall  enter  on its books its real estate and the   building or buildings thereon, or its fixtures,  vaults,  furniture  and   equipment,  at  a  valuation  exceeding  the actual cost thereof to such   savings and loan association, or carry such  real  estate,  building  or   buildings,  fixtures,  vaults,  furniture or equipment on its books at a   valuation exceeding the actual  cost  less  appropriate  allowances  for   depreciation.  No  adjustment  for  depreciation shall be required to be   made on the books except when the books are closed for  the  purpose  of   computing profits.4. Real estate acquired by an association other than that acquired for   use  as  a  place  of  business,  shall  be  entered on the books of the   association in conformity with the method  of  accounting  for  troubled   debt restructurings approved by the financial accounting standards board   or  such  other method of accounting as may be authorized or required by   rules and regulations of the superintendent.The  provisions  of  this  subdivision  shall  not,  except   as   the   superintendent may otherwise require, apply to any parcel of real estate   as to which the savings and loan association has exercised its option to   transfer  or  convey  such real estate to the veterans administration or   the federal housing commissioner pursuant to insurance or guaranty.5. Every savings and loan association  shall  conform  its  method  of   keeping its books and records to such orders in respect thereto as shall   have  been  made  and promulgated by the superintendent. Any savings and   loan association that refuses or neglects to obey any such  order  shall   be  subject  to a penalty in an amount as determined pursuant to section   forty-four of this chapter for each day it so refuses or neglects.