NY Banking L § 420-A (2021)
2021 New York Laws BNK - Banking Article 10-A - State Savings and Loan Insurance Fund 420-A - State Savings and Loan Insurance Fund.

§ 420-a.  State  savings  and  loan insurance fund. 1. There is hereby   created the "state savings and loan insurance fund". The fund shall be a   corporate governmental agency constituting a public benefit corporation.   It shall have the powers and privileges of a corporation, and under  its   corporate  name  all  of  its  business  shall  be transacted, all funds   invested, all warrants for money drawn and payments made, and  all  cash   and securities and other personal property shall be held.2.  The fund shall be administered by six trustees, four of whom shall   be appointed by the governor with the advice and consent of the  senate,   one  shall be elected by the insured members and one shall be elected by   the board of directors of the Savings and Loan Bank of the State of  New   York  from their own number. The trustees of the fund first appointed by   the governor shall serve  for  terms  ending  December  thirty-first  in   nineteen  hundred  sixty-eight,  nineteen  hundred  sixty-nine, nineteen   hundred seventy and nineteen hundred seventy-one, respectively.  Persons   appointed  for full terms as their successors shall serve for four years   each commencing as of January first next following the year in which the   term of his predecessor expired. The  trustee  elected  by  the  insured   members shall serve for a term ending on December thirty-first, nineteen   hundred  sixty-nine and the trustee elected by the board of directors of   the savings and loan bank of the state of New York  shall  serve  for  a   term  ending  on  December  thirty-first,  nineteen hundred seventy-one.   Persons elected for full terms as their successors shall serve for  four   years  each  commencing  as  of January first next following the year in   which the term of his predecessor expired. In the  event  of  a  vacancy   occurring in the office of an appointed trustee by death, resignation or   otherwise,  the governor shall appoint a successor in the same manner as   an original appointment to serve for the balance of the unexpired  term.   If, for the previously stated reasons, a vacancy occurs in the office of   an  elected trustee, said vacancy shall be filled for the unexpired term   by special election.3. The trustees of the fund  shall  serve  without  salary,  but  each   trustee  shall be entitled to reimbursement for his actual and necessary   expenses incurred in the performance of his official duties and to a fee   of one hundred dollars per day when rendering service  as  such  member,   provided  that  the  aggregate  amount  of  such fees payable to any one   trustee in any one fiscal year shall not exceed the sum of five thousand   dollars.4. The trustees of the fund may engage in private employment, or in  a   profession or business, subject to the limitations contained in sections   seventy-three  and  seventy-four  of  the  public officers law. The fund   shall, for the purposes of such sections, be a "state agency",  and  the   trustees  thereof  shall be "officers" of the agency for the purposes of   said sections.5.  Notwithstanding  any  inconsistent  provisions  of  law,  general,   special  or  local, no officer or employee of the state, or of any civil   division thereof, shall be deemed to have forfeited or shall forfeit his   office or employment by reason of his acceptance  of  appointment  as  a   trustee,  officer  or  agent  of  the  fund;  provided,  however, that a   trustee, officer  or  agent  who  holds  such  other  public  office  or   employment  shall  receive  no additional compensation, fee or allowance   for services rendered pursuant to this article, but shall be entitled to   reimbursement for his actual and  necessary  expenses  incurred  in  the   performance of such services.6.  The  governor  may remove any trustee for inefficiency, neglect of   duty or misconduct in office after giving him  a  copy  of  the  charges   against  him and an opportunity to be heard, in person or by counsel, in   his defense, upon not less than ten days notice. If any trustee shall be    removed, the governor shall file with the secretary of state a  complete   statement of charges made against the trustee, and his findings thereon,   together with a complete record of the proceedings.7.  The  chairman  of the board of trustees shall be designated by the   governor. He shall preside over all meetings of the trustees  and  shall   have  such  other duties as the trustees may direct. A vice-chairman who   shall preside over all meetings of  the  fund  in  the  absence  of  the   chairman and who shall have such other duties as the trustees may direct   may be designated from time to time by the trustees from among the other   trustees.8.  The powers of the fund shall be vested in and exercised by no less   than four of the trustees then in office. The fund may delegate  to  one   or  more  of its trustees, or officers, agents or employees, such powers   and duties as the trustees may deem proper, provided, however, that  all   contracts involving an estimated expense of ten thousand dollars or more   shall  be  approved  prior to execution by no less than four trustees of   the fund.9. The fund shall be subject to an examination by  the  superintendent   of financial services at least once in each calendar year.10. Within three days, Saturdays, Sundays and holidays excepted, after   each meeting of the trustees of the fund, the secretary or other officer   of  the fund in charge of the minutes of the proceedings of the trustees   shall transmit to the superintendent of financial services at his office   in Albany three certified copies of the minutes of every meeting of  the   trustees for his information.11.  The  fund  shall become operative when the total aggregate of the   savings deposits of its members amount to five hundred  million  dollars   or  more and shall continue so long as it shall have bonds, insurance or   other  obligations  outstanding  and  until  its  existence   shall   be   terminated  by  law.  Upon the termination of the existence of the fund,   all its rights and properties shall pass to and be vested in the state.12. Before becoming operative the fund shall  adopt,  and  obtain  the   approval  of  the  superintendent,  of  by-laws  for  its  organization,   management and operations. Any amendment of the  by-laws  shall  require   the prior approval of the superintendent.