NY Banking L § 104 (2021)
2021 New York Laws BNK - Banking Article 3 - Banks and Trust Companies 104 - Entries in Books; Restrictions; Amortization of Securities.

§ 104.  Entries in books; restrictions; amortization of securities. 1.   No bank or trust company 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,  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 and other interest-bearing  securities  purchased   by  a  bank or trust company 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 except that the same may  be   carried  at  cost  if appropriate amortization reserve is set up for the   purpose of bringing them to par at maturity. Where securities  purchased   at  a  premium  are callable prior to maturity, the rate of amortization   thereof shall be increased where  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;   provided, however, that no adjustment for amortization  or  amortization   reserve  shall  be  required  to  be  made  on the books except when net   profits are computed. 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 bank or trust company shall, except with the written approval of   the  superintendent, 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 to such bank or trust company,   or carry such real estate,  building  or  buildings,  fixtures,  vaults,   furniture  or  equipment  at  a valuation exceeding the actual cost less   appropriate allowances for depreciation except  that  the  same  may  be   carried at cost if appropriate depreciation reserve is set up; provided,   however, no adjustment for depreciation or depreciation reserve shall be   required to be made on the books except when net profits are computed.4.  Real  estate  acquired by a bank or trust company, other than that   acquired for use as a place of business, shall be entered on  the  books   of the bank or trust company in conformity with the method of accounting   for  troubled  debt  restructurings approved by the financial accounting   standards boards 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 bank or  trust  company  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 bank and every trust company shall  conform  its  methods  of   keeping its books and records to such orders in respect thereto as shall   have been made and promulgated by the superintendent pursuant to article   two  of this chapter. Any bank or trust company that refuses or neglects   to obey 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.6. Every bank and every trust company holding any funds or money  paid   into  court  shall  keep records in which it shall make an exact account   thereof,  including  appropriate  references  to  the  order  or  orders   pursuant to which such funds are held.