NY Banking L § 242 (2021)
2021 New York Laws BNK - Banking Article 6 - Savings Banks 242 - Assets; How Entered and Carried on Books; Disallowance by Superintendent.

§ 242.  Assets;  how  entered  and  carried  on books; disallowance by   superintendent. 1. No savings bank 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,  promissory  notes  or other interest-bearing   obligations purchased by a savings bank shall be entered on its books at   the actual cost thereof, and shall not thereafter be  carried  upon  the   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 net earnings. 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   bank,   without   the   written  approval  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 its  actual  cost  to  such  savings   bank,  or  carry  such  real  estate,  building  or buildings, fixtures,   vaults, furniture or equipment at a valuation exceeding the actual  cost   less   appropriate   allowance   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 net earnings.4.  Real  estate  acquired by a savings bank, other than that acquired   for use as a place of business, shall be entered on  the  books  of  the   savings  bank  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 of financial services.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 bank 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. The superintendent may disallow the book value  of  any  assets  in   whole  or in part. In such event the savings bank shall reduce the value   at which such assets are carried on its books to the  value  allowed  by   the superintendent, or, if the written approval of the superintendent is   first obtained, may allocate a reserve for the valuation of such assets.