NY Banking L § 237 (2021)
2021 New York Laws BNK - Banking Article 6 - Savings Banks 237 - Deposits With Savings Banks; Restrictions.

§ 237.  Deposits  with savings banks; restrictions. 1. No savings bank   shall accept any deposit for  credit  to  any  executor,  administrator,   trustee,  committee,  conservator  or  guardian,  named  in  a  will  or   appointed by a court of competent jurisdiction, unless a certified  copy   of  the  will, order or decree of the court authorizing such deposits or   appointing such executor, administrator, trustee, committee, conservator   or guardian, or a certificate of such  appointment  is  filed  with  the   savings bank.2.  No  savings  bank  shall  accept  any  deposit  for  credit to any   municipal corporation.3. A savings bank may limit the aggregate amount which it will receive   on deposit; may, in its discretion, refuse to accept a deposit; and  may   at  any  time return all or any part of any deposit other than a deposit   held pursuant to subdivision one-a of section two hundred thirty-four of   this chapter.4. Notwithstanding any inconsistent provision of law, a  savings  bank   may  accept  deposits  of  moneys  paid  under  and  as security for the   performance of any lease or leases, or to be applied to  payments  under   such  lease  or  leases  when  due,  although the person depositing such   moneys is held accountable therefor as a trustee of trust funds.  Moneys   received  from  or  held  for  persons  under more than one lease may be   deposited in one or more accounts.Notwithstanding any inconsistent provision of law, the  word  "person"   as  used in this subdivision four shall include an individual, municipal   corporation,  partnership,  corporation,  association   or   any   other   organization operated for profit.5.  Nothing  contained in this section shall require a savings bank to   return any deposit lawfully held by  it  at  the  time  this  act  takes   effect.6.  Nothing  contained  in  this  section  or in this chapter shall be   construed to prevent a savings bank from accepting a deposit or deposits   in any amount in any account in the name of or to the credit of any bona   fide charitable or religious association, corporation or organization.7. Subject to any  regulations  and  restrictions  prescribed  by  the   superintendent of financial services, a savings bank shall have power to   act  as  trustee  under  a  retirement  plan established pursuant to the   provisions of the act of congress  entitled  "Self-employed  Individuals   Tax  Retirement Act of 1962", and provisions of law contained therein as   amended, provided that the provisions of such  retirement  plan  require   the  funds  of  such  trust  to  be  invested exclusively in deposits in   savings banks. In the event that any such retirement plan which, in  the   judgment  of  the  savings  bank, constituted a qualified plan under the   provisions of said Self-employed Individuals Tax Retirement Act of 1962,   and provisions of law contained therein as amended, and the  regulations   promulgated  thereunder  at  the  time  the  trust  was  established and   accepted by the savings bank is subsequently determined not to be such a   qualified plan or subsequently ceases to be such a  qualified  plan,  in   whole or in part, the savings bank may, nevertheless, continue to act as   trustee  of any deposits theretofore made under such plan and to dispose   of the same in accordance with the directions of the depositor  and  the   beneficiaries  thereof.  No  savings  bank,  in respect to deposits made   under this subdivision, shall be bound by any provision of this  chapter   restricting  or limiting the amount of deposits which a savings bank may   accept, or be required to segregate such deposits from other deposits of   such savings banks, provided, however, that a savings  bank  shall  keep   appropriate records showing in proper detail all transactions engaged in   under the authority of this subdivision. 8.  Subject  to  any  regulations  and  restrictions prescribed by the   superintendent of financial services, a savings bank shall have power to   act as trustee of an individual retirement account established  pursuant   to  the  provisions of the act of congress entitled "Employee Retirement   Income  Security  Act  of  1974",  provided  that  the provisions of the   written governing instrument creating the trust  require  the  funds  of   such  trust  to be invested exclusively in deposits in savings banks. In   the event that any such individual  retirement  account,  which  in  the   judgment  of  the  savings  bank,  constituted  a  qualified  individual   retirement account under the  provisions  of  said  Employee  Retirement   Income  Security  Act of 1974 and the regulations promulgated thereunder   at the time the trust was established and accepted by the  savings  bank   is  subsequently  determined  not  to  be  such  a  qualified individual   retirement account  or  subsequently  ceases  to  be  such  a  qualified   individual  retirement  account,  in  whole or in part, the savings bank   may,  nevertheless,  continue  to  act  as  trustee  of   any   deposits   theretofore made under such individual retirement account and to dispose   of  the  same in accordance with the directions of the depositor and the   beneficiaries thereof. No savings bank,  in  respect  to  deposits  made   under  this subdivision, shall be bound by any provision of this chapter   restricting or limiting the amount of deposits which a savings bank  may   accept, or be required to segregate such deposits from other deposits of   such  savings  banks,  provided, however, that a savings bank shall keep   appropriate records showing in proper detail all transactions engaged in   under the authority of this subdivision.