reglab/statecodes huggingface dataset:
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 380-H - Trust Powers.

§ 380-h.  Trust powers. 1. The superintendent of financial services is
  authorized and empowered to grant  permission  to  a  savings  and  loan
  association  to  exercise any or all of the powers specified in sections
  one hundred, one hundred-a, one hundred-b  and  one  hundred-c  of  this
  chapter.  In  passing  upon  applications for permission to exercise any
  such powers, the superintendent of  financial  services  may  take  into
  consideration the amount of surplus of the applying association, whether
  or  not  such surplus is sufficient under the circumstances of the case,
  the needs of the  community  to  be  served  and  any  other  facts  and
  circumstances  that  seem  proper, and may grant or refuse it permission
  accordingly.
2. Whenever the laws of this state require a trust company acting in a
  fiduciary capacity to deposit securities with the state authorities  for
  the   protection  of  private  or  court  trusts,  a  savings  and  loan
  association, so  acting,  is  empowered  to  make  similar  deposits  of
  securities.
4.   The   superintendent  of  financial  services  is  authorized  to
  promulgate such regulations as he or she may deem necessary or proper to
  implement the provisions of this section and the proper exercise of  the
  powers granted by this section.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 380-I - Personal Loan Departments.

§ 380-i. Personal loan departments. Subject to such regulations as the
  superintendent  of  financial services may prescribe, a savings and loan
  association may operate a personal loan department under the same  terms
  and  conditions  as  are  provided  under  subdivisions four and five of
  section one hundred eight of this chapter.
The superintendent of financial services shall  be  empowered  (a)  to
  prescribe  the  terms and conditions governing the conduct and operation
  of personal loan departments including the maximum amount, expressed  as
  a   percentage  of  assets  or  otherwise,  which  a  savings  and  loan
  association may invest pursuant to the provisions of this subdivision or
  in the aggregate, taking into  account  such  other  provisions  of  law
  authorizing  investments  by  savings  and  loan associations and (b) to
  prescribe such terms and conditions as may be appropriate to  effect  or
  facilitate  the  tranfer of accounts operated pursuant to the provisions
  of any other section of this chapter to the  personal  loan  departments
  authorized to be operated hereunder.
In  pursuance  of  the  authority  granted  hereunder savings and loan
  associations shall be empowered to issue credit cards, extend credit  in
  connection  therewith,  and otherwise engage in or participate in credit
  card operations,  and  to  act  as  financing  agencies  as  defined  in
  subdivision  nine  of section three hundred one and subdivision eighteen
  of section four hundred one of the personal property law.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 380-J - Authorization to Acquire and Lease Personal Property.

§ 380-j.  Authorization  to  acquire  and  lease  personal property. A
  savings and loan association is authorized to acquire and lease personal
  property to the same extent as a commercial bank is authorized to engage
  in such activities under subdivision twelve  of  section  ninety-six  of
  this chapter, subject to those limitations applicable to such activities
  in the case of banks or trust companies.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 380-K - Investment in Promissory Notes.

§ 380-k.   Investment   in   promissory  notes.  A  savings  and  loan
  association may invest  in  promissory  notes  and  other  evidences  of
  indebtedness representing commercial, corporate or business loans to the
  same  extent  as  a  savings  bank is authorized to invest in such notes
  under subdivision eight-c of section two  hundred  thirty-five  of  this
  chapter,  subject to those limitations applicable to such investments in
  the case of a savings bank. For the purposes of this section,  the  term
  "net worth" shall have the meaning ascribed to it by subdivision four of
  section  two hundred forty-four of this chapter.  In addition, a savings
  and loan association is authorized to invest in such promissory notes as
  a savings bank may invest in pursuant to paragraph five  of  subdivision
  eight of section two hundred thirty-five of this chapter.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 380-L - Excelsior Linked Deposit Program.

§ 380-l.   Excelsior  linked  deposit  program.  A  savings  and  loan
  association may make linked loans, each authorized and approved pursuant
  to article fifteen of the state finance law and each in an amount  equal
  to a corresponding linked deposit made pursuant to such article, subject
  to  the limits of section three hundred eighty-k of this article and any
  other applicable limits or requirements imposed by law or regulation.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 380-M - Water Pollution Control Linked Deposit Program.

§ 380-m. Water pollution control linked deposit program. A savings and
  loan  association  may  make  linked loans, each authorized and approved
  pursuant to article sixteen of the state finance  law  and  each  in  an
  amount  equal  to  a  corresponding linked deposit made pursuant to such
  article, subject to the limits of section three hundred eighty-k of this
  article and any other applicable limits or requirements imposed  by  law
  or regulations.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 382 - Power to Borrow.

§ 382.   Power   to   borrow.  Subject  to  such  regulations  as  the
  superintendent of financial services may promulgate, a savings and  loan
  association  may  borrow money and pledge its assets as security for the
  repayment thereof if it has been authorized so to do by the  vote  of  a
  majority of its board of directors.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 382-B - Power to Issue Certain Obligations.

§ 382-b.  Power  to  issue  certain obligations. 1. In addition to all
  other powers granted to it by other provisions of  law,  a  savings  and
  loan  association  may  issue  such  notes,  bonds, debentures, or other
  obligations or other securities as the superintendent may authorize.
2. Subject to such regulations and restrictions as the  superintendent
  of   financial   services   finds   to   be  necessary  and  proper  and
  notwithstanding  any  other  provisions  of  law,  a  savings  and  loan
  association  may issue notes, bonds, debentures, or other obligations or
  other securities subordinated to  deposits  in  such  savings  and  loan
  association;  provided  that,  unless the superintendent has given prior
  approval otherwise, the aggregate principal amount thereof at  the  time
  of  issuance  shall  not exceed twenty-five per cent of the net worth of
  such savings and loan association, exclusive of all such  notes,  bonds,
  debentures,  or  other  obligations or other securities. The proceeds or
  other consideration derived by a savings and loan association  from  the
  issuance  pursuant  to  this  subdivision  of  any  such  notes,  bonds,
  debentures, or other obligations or other securities shall be deemed for
  purposes of this chapter to constitute a part of the net worth  of  such
  savings and loan association. For the purposes of this article, the term
  "net  worth"  shall  mean  the  excess  of  assets  at  book value, less
  allocated  reserves,   over   known   liabilities,   including   deposit
  liabilities.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 385 - Surplus Account.

§ 385.  Surplus  account.  Every  savings  and  loan association shall
  accumulate and maintain a surplus account as provided in  section  three
  hundred eighty-seven of this article. Such surplus account up to ten per
  centum  of  the  association's  capital  shall  not be available for any
  purpose, except with the prior written approval of  the  superintendent;
  but  any  such  association may: (a) charge against such surplus account
  any losses or expenses without such approval  only  in  the  event  such
  association  has  no  undivided  profits  against  which  such losses or
  expenses may be charged or (b) may, with the prior written  approval  of
  the  superintendent,  transfer  any  part of such surplus account to any
  other account for any purpose. Such account may be created or  increased
  by  contributions  and  by  transfers from undivided profits or from net
  profits.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 386 - Profits; How and When to Be Computed.

§ 386. Profits; how and when to be computed. 1. Every savings and loan
association  shall  close  its  books,  for the purpose of computing its
profits, at the end of any period for which a dividend is to be paid and
in no event less frequently than quarterly. To determine the  amount  of
gross  income  for any such accounting period the following items may be
included:
(a) All income received or properly accrued, provided that no interest
shall be accrued upon any interest-bearing asset upon which a default of
principal or interest has existed for a period which shall be determined
by the superintendent, except for  interest-bearing  assets  secured  by
collateral  the  ascertained  value  of  which  is at least equal to the
amount at which such asset plus all interest accrued thereon is  carried
on its books.
(b)  Amounts  added to cost for the purpose of amortizing discounts on
securities purchased for less than par, provided that no discount  shall
be amortized on securities upon which a default exists.
(c)  Any  profits actually realized from the sale or other disposition
of securities, real estate or other property.
(d) Amounts recovered on  assets  previously  charged  off,  including
amounts  allowed  by  the superintendent on account of assets previously
disallowed by him; and other amounts allowed by the board  of  directors
on account of assets previously disallowed by it.
(e)  Provided  the superintendent shall have approved, and only to the
extent of such approval, any increase in the  book  value  of  the  real
estate  and  building  or  buildings  thereon used by it as its place or
places of business.
(f) Such other items as the superintendent,  in  his  discretion,  may
permit to be included.
2.  To  determine the amount of net profits for such accounting period
the following items shall be deducted from gross income:
(a)  All  expenses  paid  or  properly  accrued,  both  ordinary   and
extraordinary, in the transaction of its business, the collection of its
debts and the management of its affairs.
(b) Interest paid or properly accrued upon time deposits held pursuant
to  section three hundred seventy-eight-a of this article, interest paid
or properly accruing upon deposits referred to in section three  hundred
seventy-eight-b of this article and debts owing by it.
(c)  Amounts deducted from cost for the purpose of amortizing premiums
on securities purchased for more than par.
(d) Any losses sustained by it except to the extent that  such  losses
have  been charged against the surplus account or valuation reserves. In
the computation of such losses there shall be  included  all  deductions
from  the  book  value  of  assets made pursuant to the direction of the
board of directors or by reason of the disallowance  of  assets  by  the
superintendent.  The  balance  thus  obtained  shall  constitute the net
profits of such savings and loan association for such period.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 388 - Fines and Penalties for Failure to Make Payments on Instalment Shares.

§ 388.  Fines and penalties for failure to make payments on instalment
  shares. 1. Where dividends on instalment shares are credited by  series,
  a  savings  and  loan  association  may impose fines upon the holders of
  instalment shares of a series, their legal representatives or successors
  in interest, if they neglect to pay dues, interest or premium when  due,
  but  such  fines shall not exceed one per centum per month of the amount
  in default for the period during which such dues, interest  and  premium
  shall  have  remained  in default, except that a fine at the rate of two
  per centum per month of the amount in default may be imposed during  the
  first three months of any default.
2.  Where  dividends on instalment shares are credited individually to
  shares, a savings and loan association  may  declare  a  lower  rate  of
  dividend  on  instalment  shares upon which there has been a default for
  more than sixty days since the last declaration of  dividends,  provided
  that  such  dividend  shall  be  not  less  than sixty per centum of the
  dividend declared on like instalment shares not in default.
3. Where dues on instalment shares are applied directly  in  reduction
  of  a  mortgage loan, a savings and loan association may provide, as one
  of the terms of the obligation, that interest may be added to the unpaid
  balance of the obligation on the first day of each  month  and  computed
  upon  the unpaid balance of the obligation due as of the last day of the
  preceding month.
4. No fine shall be charged against or deducted from the dues actually
  paid by a member and no fines or penalties other than those provided  in
  this section shall be imposed for failure to meet payments on instalment
  shares.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 389 - Matured Shares; Conversion Into Shares of Another Class Upon Notice.

§ 389.  Matured  shares;  conversion into shares of another class upon
  notice.   Whenever the dues and  dividends  credited  to  instalment  or
  accumulative  prepaid  shares shall equal their matured value, notice of
  such maturity shall be given to the holders thereof and the  payment  of
  dues   thereon  shall  cease.  Such  notice  shall  be  mailed  to  such
  shareholder at his last known address as it appears on the books of  the
  association  and,  in  the  discretion  of  the  board of directors, may
  contain a further provision that if such  shareholder  fails  to  accept
  payment  for  such  shares,  convert  such shares into shares of another
  class or file an application to withdraw such shares within  sixty  days
  after  the  mailing  of  such  notice,  the  same will be converted into
  another class of shares specified in such  notice.  If  such  additional
  provision  has been included in such notice and the shareholder fails or
  neglects to accept payment for such shares,  convert  such  shares  into
  shares  of another class or file an application to withdraw such shares,
  within such sixty days, the  board  of  directors  may,  by  resolution,
  convert  such  shares into the class of shares specified in such notice.
  For the purpose of maturing such  shares,  a  special  dividend  may  be
  credited  between  regular  dividend dates at the same rate at which the
  last  regular  dividend  was  credited.  When  shares  pledged  to   the
  association mature, the value of such shares shall, to the extent of the
  obligation  for  which  they are pledged, be applied in payment thereof.
  Any remaining balance of such shares shall be treated as matured  shares
  and  any  other collateral not required to satisfy such obligation shall
  be returned.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 392 - Retirement of Shares; Suspension; Transfer.

§ 392.  Retirement  of  shares;  suspension; transfer. 1. The board of
  directors of any savings and loan association may  retire  shares  which
  are not pledged to the association by requiring their withdrawal, if the
  by-laws  clearly  state  the  manner  in  which  such withdrawals may be
  required. The holders of such shares shall be paid  the  book  value  of
  their shares less all lawful obligations.
2.  Whenever  a  member of any savings and loan association shall have
  failed for six months to pay dues upon any instalment  shares  owned  by
  him,  such association may serve notice upon him to pay such dues within
  the time stated in such notice, which time shall be not less than thirty
  days. If such shareholder does not make such  payment  within  the  time
  stated  in  the  notice, the amount which would be due him if his shares
  were withdrawn shall be  determined  and  such  amount  transferred  and
  credited  to  him  in  a savings share account or a suspense account. If
  transferred to a suspense account, the rights of such member shall cease
  except the right to withdraw, subject to the provisions of section three
  hundred ninety of this article, the amount thus credited to him and such
  dividends as  may  be  credited  thereon  following  the  date  of  such
  transfer. Dividends on amounts in suspense accounts shall be credited at
  a  rate  of  at least three-fifths of the lowest rate at which dividends
  are apportioned to any type of instalment shares.
3. No transfer of shares shall be binding upon any  savings  and  loan
  association  until  such transfer has been recorded upon its books.  The
  transferee of any share shall take the same subject to  all  liabilities
  to  the  association and all conditions attaching thereto at the time of
  the transfer. If the shares are in the names of two persons and  in  the
  form  to  be  paid  to  either  or  the survivor of them, the assignment
  thereof by one of such persons shall authorize the association to record
  the assignment upon its books or to accept it as collateral for a  share
  loan  made pursuant to subdivision two-a of section three hundred eighty
  of this article.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 393 - Repayment of Mortgage Loans; Application of Pledged Shares.

§ 393.  Repayment of mortgage loans; application of pledged shares. 1.
For the purpose of making payment on his mortgage loan a member  may  at
any  time,  without  forfeiture  of  dividends, transfer from the amount
credited upon the shares pledged by him as security, a sum equal to  the
matured value of one or more instalment shares.
2.  Any  mortgage  loan  made  by  a savings and loan association to a
member may be repaid in whole or in part  at  any  time,  but  the  loan
contract  may expressly provide for a period during which prepayment may
not be made without incurring prepayment penalties. When such  provision
is  contained therein, the loan contract must also expressly provide for
prepayment penalties or no prepayment penalties may  be  collected  when
the  loan  is prepaid. However, where a loan is secured by mortgage on a
one to six family residence, or is extended to finance the purchase of a
cooperative under subdivision two-a of section three hundred  eighty  of
this  chapter  which  residence or cooperative is or will be occupied in
whole or in part by the member, prepayment penalties may be imposed only
during the first twelve months from the date the mortgage or cooperative
loan was made and may not exceed:
(a) Interest for a period of three months on the principal so prepaid;
or
(b) Interest for the  remaining  months  of  the  first  year  on  the
principal  so  prepaid  if the prepayment is made at any time within one
year from the date the loan is made.
The book value of instalment shares pledged as security for  any  such
loan  shall  be  deducted from the amount of the loan in determining the
amount of principal upon which such interest may be charged.
3. Whenever any mortgage is foreclosed, the withdrawal  value  of  the
shares  transferred  and pledged to any such association as security for
the loan shall be applied toward the payment of the indebtedness of  the
member and his rights under such shares shall terminate.
4.  In  event  of  the  voluntary  or  involuntary  liquidation of any
association, the holder of shares pledged as  security  for  a  mortgage
loan  pursuant  to  the  provisions  of subdivision one of section three
hundred eighty of this article shall be entitled to have the payments on
such shares and the  dividends  credited  or  entitled  to  be  credited
thereon applied in reduction of such mortgage loan.
5.  No shares pledged as security for a mortgage loan may be withdrawn
while the mortgage loan against which they are pledged is outstanding.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 394 - Joint Shares; Shares of Minors; Shares in Trust.

§ 394. Joint shares; shares of minors; shares in trust.
3.  When  shares  shall be issued in the name of a minor they shall be
  held for the exclusive right and benefit of such minor and free from the
  control  or  lien  of  all  other  persons  except  creditors,  and  the
  withdrawal  value  thereof shall be paid to the person in whose name the
  shares are held. A receipt or acquittance from such  minor  shall  be  a
  valid  and  sufficient  release and discharge to the association for all
  payments made on account of such shares. When shares have been issued to
  a parent, guardian or voluntary trustee for a minor the association  may
  permit the transfer of such shares to the minor by such parent, guardian
  or  trustee  and  in  the event of the death of such parent, guardian or
  trustee the association may  transfer  and  hold  such  shares  for  the
  exclusive  right  and  benefit  of  such  minor,  upon  presentation  of
  satisfactory evidence of such  death  and  upon  the  surrender  of  the
  certificate,  passbook or other proper evidence of the ownership of such
  shares.
4. No association shall be liable to beneficiaries for moneys paid  to
  their  guardians  or  trustees, unless written notice of limitation upon
  the right of such guardians or trustees to withdraw such funds has  been
  previously  filed  with  the  association. The receipt or acquittance of
  such guardians or trustees shall be a valid and sufficient  release  and
  discharge  to the association for all payments made prior to the receipt
  of written notice of such limitation.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 395 - Alternative Provisions Relative to Payment of Interest to Shareholders.

§ 395.  Alternative  provisions  relative  to  payment  of interest to
  shareholders. Notwithstanding any  provision  of  this  chapter  to  the
  contrary the superintendent may adopt such rules or regulations as shall
  permit  mutual  savings  and  loan associations to pay interest on share
  accounts at the option of such association.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 396-A - Electronic Facilities.

§ 396-a.  Electronic  facilities.  A  savings and loan association may
  conduct a banking business, at automated teller machines,  point-of-sale
  terminals,  and  similar  facilities subject to regulations which may be
  promulgated by the superintendent of financial services. Such facilities
  shall not be deemed to be branches and shall not be subject  to  any  of
  the  provisions of this chapter applicable to branches; provided however
  that notwithstanding the foregoing, for purposes  of  paragraph  (b)  of
  subdivision  two  of  section  three hundred ninety-six of this chapter,
  such facilities shall be deemed to  be  branches,  and  such  facilities
  shall  be  subject  to the terms and conditions of section three hundred
  ninety-six, and for purposes of section twenty-eight-b of this  chapter,
  such facilities shall be deemed to be branches.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 396-B - Acceptance of United States Currency.

§ 396-b.  Acceptance  of  United  States currency. No savings and loan
  association shall  impose  a  fee,  commission  or  service  charge  for
  accepting for deposit or exchanging for other United States currency any
  United  States  currency provided that any coins are properly rolled and
  have the customer's account number for that savings and loan association
  displayed on the coin roll, provided further that no more than ten rolls
  of coins in any denomination are presented for deposit  or  exchange  at
  any one time.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 397-A - Report to Directors.

§ 397-a.  Report to directors. The board of directors of every savings
  and loan association shall designate, by resolution duly recorded in the
  minutes, an officer or officers whose duty it shall be  to  prepare  and
  submit  to each director present at a regular meeting of the board or to
  each member of an executive committee of not less than five  members  of
  such  board  present  at  a regular meeting of such committee, a written
  report containing such information and meeting such requirements as  are
  required  in  the  case  of reports submitted to the trustees of savings
  banks pursuant to section two hundred fifty-two of this chapter and such
  regulations  as  the  superintendent  may   promulgate   thereunder   or
  hereunder.  A  copy  of  such  report,  verified by the affidavit of the
  officer or officers charged with the duty of  preparing  and  submitting
  such  report,  together  with  a  list  of the directors present at such
  meeting, shall be filed  with  the  records  of  the  savings  and  loan
  association  within one day after such meeting, and shall be presumptive
  evidence  of  the  matters  therein  stated.  The   superintendent,   by
  regulation,  may require the preparation and submission of such a report
  to directors at dates other than those required herein.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 398 - Filling of Vacancies in Board of Directors; Change in Number of Directors.

§ 398. Filling of vacancies in board of directors; change in number of
  directors.  1.  Vacancies  in  the board of directors of any savings and
  loan association not exceeding one-third of  the  whole  number  of  the
  board  may  be  filled by vote of a majority of the remaining directors,
  and the directors so elected may hold office until  such  vacancies  are
  filled  by  the members at a special or annual election. When the number
  of directors fixed by the by-laws of any savings and loan association is
  nine or more, two vacancies may, with the consent of the superintendent,
  be left unfilled until the next annual  election.    All  vacancies  not
  otherwise  provided  for  in this section shall be filled by election by
  the members.
2. The number of directors may be changed within the  limits  provided
  in subdivision one of section three hundred ninety-seven of this article
  by  amendment  of the by-laws, except where the by-laws provide that the
  number of directors shall be not less than seven nor more  than  fifteen
  and  also  provide  the manner in which the number of directors shall be
  fixed within the minimum and maximum limits.
3. Each vacancy in the office of director and each  reduction  in  the
  number  of  directors shall be reported to the superintendent within ten
  days after such vacancy occurs  or  such  reduction  is  effected.  Each
  election  of  a  director  shall  be likewise reported together with the
  name, address and occupation of the person so elected.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 398-A - Forfeiture of Office of Director.

§ 398-a. Forfeiture of office of director. The office of a director of
  a  savings  and  loan  association shall become vacant whenever he shall
  have failed to attend the regular meetings of the board of directors and
  also of any committee of the board of which he is a member, for a period
  of six successive months, unless excused by the board for  such  failure
  by  resolution  adopted  at  the  first or second regular meeting of the
  board after expiration of such six months period, and entered  upon  its
  minutes.  A  copy  of  such  resolution  shall  be  transmitted  to  the
  superintendent by the savings and  loan  association  within  five  days
  after  its  adoption. A director who has vacated his office by reason of
  such failure to attend meetings shall not be eligible for re-election as
  a director until the expiration of one year from the date of  the  first
  regular  meeting  of  the  board  at  which a resolution could have been
  adopted by it, as herein provided, to excuse such failure.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 398-B - Duties of Directors and Officers.

§ 398-b. Duties of directors and officers.
1.  Directors  and  officers  shall  discharge  the  duties  of  their
respective positions in good faith and with that  degree  of  diligence,
care   and   skill  which  prudent  men  would  exercise  under  similar
circumstances in like positions. In discharging their duties,  directors
and  officers,  when  acting  in good faith, may rely (a) upon financial
statements of the savings and loan association represented to them to be
correct by the  president  or  the  officer  of  the  savings  and  loan
association  having  charge  of  the  books  of  account, or stated in a
written report by an independent public or certified  public  accountant
or firm of such accountants fairly to reflect the financial condition of
such  savings  and  loan association and (b) upon reports required to be
submitted to them by any provision of this chapter or  prepared  in  the
ordinary  course of business by an officer or committee charged with the
responsibility therefor. Nothing in this  section  shall  be  deemed  to
require  the  directors  to  perform  functions vested in any committee,
officer or other person pursuant to the provisions of any other  section
of this chapter.
2.  An action may be brought against one or more directors or officers
of a savings  and  loan  association  to  procure  a  judgment  for  the
following relief:
(a) To compel the defendant to account for his official conduct in the
following cases:
(1)  The  neglect of, or failure to perform, or other violation of his
duties in the  management  and  disposition  of  the  savings  and  loan
association's assets committed to his charge.
(2)  The  acquisition by himself, transfer to others, loss or waste of
the savings and loan association's assets  due  to  any  neglect  of  or
failure to perform, or other violation of his duties.
(b)  To  set aside a conveyance, assignment or transfer of the savings
and loan association's assets by one  or  more  directors  or  officers,
contrary to a provision of law, where the transferee knew the purpose of
the transfer.
(c) To enjoin such a conveyance, assignment or transfer of the savings
and  loan  association's  assets  by  one  or  more  of the directors or
officers where there is good reason to apprehend that it will be made.
3. Subject to section six  hundred  thirty-one  of  this  chapter,  an
action  may  be  brought  for  the  relief provided in this section by a
savings and  loan  association  or  an  officer,  director  or  judgment
creditor thereof.
4.  This  section  shall not affect any liability otherwise imposed by
law upon any director or officer.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 398-C - Executive Committee and Other Committees.

§ 398-c.   Executive   committee  and  other  committees.  1.  If  the
organization certificate  or  the  by-laws  so  provide,  the  board  of
directors,  by resolution adopted by a majority of the entire board, may
designate from among its members an executive committee consisting of at
least five directors and other committees each consisting of two or more
directors, officers or other persons, not including  alternate  members,
but  not  less  than  may  otherwise  be  required  by  this chapter nor
differing in composition from any requirement of this chapter, and  each
of which, shall have such authority as may be provided in the resolution
or  in  the  organization  certificate or by-laws or under this chapter,
except that no such committee shall have authority as to  the  following
matters:
(a)   The   submission  to  shareholders  of  any  action  that  needs
shareholders' authorization under this chapter;
(b) The filling of vacancies in the board of directors or in any  such
committee;
(c)  The  fixing  of  compensation of the directors for serving on the
board or on any committee;
(d) The amendment or repeal of the by-laws, or  the  adoption  of  new
by-laws;
(e)  The  amendment  or repeal of any resolution of the board which by
its terms shall not be so amendable or repealable;
(f) The taking of action which is expressly required by any  provision
of  this chapter to be taken at a meeting of the board or by a specified
proportion of the directors.
2. Each such committee shall serve at the pleasure of the board.   The
designation  or  appointment  of,  or  making of provision for, any such
committee and the  delegation  thereto  of  authority  shall  not  alone
relieve  any director of his duty to the association under any provision
of this chapter.
3. Minutes shall be kept of each meeting of each  such  committee  and
records  shall  be kept of all action taken in exercise of the authority
or in performance of the function of each such committee.  Such  minutes
and  records  shall  be submitted to the board of directors and shall be
filed with the records of the association.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 400 - Pensions; Insurance.

§ 400.  Pensions;  insurance.  Subject  to  such  regulations  as  the
  superintendent of financial services may prescribe, a savings  and  loan
  association may, in the discretion of a majority of all the directors:
1.   Provide   pensions  to  officers  and  employees  pursuant  to  a
  nondiscriminatory plan for service rendered  to  the  savings  and  loan
  association  or  for having become incapacitated while in service to the
  savings and loan association, including annual supplements  to  retirees
  based  upon  the  "current cost of living index figure" for any calendar
  year based upon the Consumer Price Index as  issued  by  the  bureau  of
  labor statistics of the United States department of labor.
2.  Provide  life  insurance  for its officers and employees, provided
  that life insurance is not purchased solely for or on behalf of officers
  and highly compensated employees.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 401 - Official Communications to Be Submitted to Directors and Noted in Minutes.

§ 401.  Official communications to be submitted to directors and noted
  in minutes. Every official communication, as defined in article  two  of
  this  chapter,  shall  be submitted, by the officer receiving it, to the
  board of directors at the next meeting of such board and  noted  in  the
  minutes.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 402 - Amendment of Articles of Association and By-Laws.

§ 402. Amendment  of  articles  of association and by-laws. Any proposed
  change in the  articles  of  association,  certificate  of  association,
  organization  certificate  or  the  by-laws  of  any  savings  and  loan
  association shall be submitted  to  the  superintendent  and,  upon  the
  superintendent's   written  approval  thereof,  shall  be  posted  in  a
  conspicuous place in the office of the association for thirty days. Such
  proposed changes may thereafter  be  incorporated  in  the  articles  of
  association, certificate of association, organization certificate or the
  by-laws  of  the  association  by being duly adopted by its directors. A
  copy of such change shall be filed in the office of  the  superintendent
  within thirty days after such adoption.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 403 - Examination by Directors.

§ 403.  Examination  by directors.  1.  Once in each calendar year the
  directors of every savings and loan association by a  committee  of  not
  less than three of their number, none of whom shall be salaried officers
  or  employees  of  such association, shall examine fully the records and
  affairs of such association for the  purpose  of  determining  its  true
  financial  condition.  Such  examination  shall be made as of a date not
  less than six months after the date of the previous such examination.
2.  In the conduct of each such examination,  inquiry  shall  be  made
  into  the  policies of management for the purpose of determining whether
  such policies are sound and consistent with the requirements of law, and
  into such other matters as shall be necessary to enable the directors to
  determine whether adequate protection is afforded  to  shareholders  and
  depositors.
3.    A  savings  and  loan  association's compliance with section one
  hundred twelve of the Federal Deposit Insurance Corporation Act of 1991,
  as implemented by the provisions of part three  hundred  sixty-three  of
  the  rules and regulations of the Federal Deposit Insurance Corporation,
  as they may be amended from time to time, shall be deemed to satisfy the
  examination requirement of this section.
4. The directors may employ such assistance as they deem necessary  in
  making  the  examinations prescribed by this section. Within thirty days
  after the completion of such examination, a report thereof, in such form
  as the superintendent may prescribe and sworn to by the directors making
  the report, shall be  presented  to  the  board  of  directors  of  such
  association  at  a  regular meeting, and placed on file in the office of
  the association. Within ten days after the presentation of  such  report
  to  the  board  of  directors  a duplicate thereof shall be filed in the
  office of the superintendent, together  with  a  certificate  that  such
  report  was  presented to the board of directors, in the form prescribed
  by the superintendent.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 404 - Reports to the Superintendent; Penalty for Failure to Make.

§ 404.  Reports to the superintendent; penalty for failure to make. 1.
  On or before the first day in February in each year, every  savings  and
  loan association shall make a written report to the superintendent which
  shall  contain  a  statement  of  its condition as of the morning of the
  first day of January in  such  year.  Such  report  shall  contain  such
  information  and be in such form as the superintendent may prescribe and
  shall be subscribed and affirmed as true under the penalties of  perjury
  by the president or a vice-president and another principal officer.
2.  Every  such association shall also make such other special reports
  to the superintendent as he may from time to time require, in such  form
  and  at such date as may be prescribed by him and such reports shall, if
  required by him, be subscribed and affirmed as true under the  penalties
  of perjury.
3.  If  any such association shall fail to make any report required by
  or pursuant to this section on or before  the  day  designated  for  the
  making  thereof,  or  shall  fail  to  include  therein  any information
  required by the superintendent to be included,  such  association  shall
  forfeit  to  the people of the state an amount as determined pursuant to
  section forty-four-a of this chapter for  every  day  that  such  report
  shall  be  delayed  or withheld, and for every day that it shall fail to
  report any such omitted information, unless the time therefor shall have
  been extended by the superintendent.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 404-A - Photographic Reproduction of Records.

§ 404-a.   Photographic   reproduction  of  records.  Any  photograph,
  microphotograph or reproduction on film of  any  of  the  documents  and
  records  of  a  savings  and loan association relating to the members of
  such savings and loan association and the  operation  of  its  business,
  which  such  savings  and  loan association has caused to be made in the
  conduct of its business, shall be deemed to be  the  equivalent  of  the
  original  thereof  for  all  purposes, provided that the original of any
  such documents and records has been  destroyed,  that  such  photograph,
  microphotograph  or  reproduction  on film shall be of durable material,
  and that the device used to reproduce such documents and  records  shall
  be one which accurately reproduces the original thereof in all details.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 405 - Annual Report to Shareholders; Delivery and Publication.

§ 405. Annual report to shareholders; delivery and publication.  Every
  savings  and  loan association shall (1) prepare a complete statement of
  its financial condition, including a summary of income and expense since
  its last  previous  statement,  and  publish  the  same  annually,  such
  publication  to  be  made  in  the  form  and  manner  determined by the
  superintendent and in accordance with the requirements of this  section,
  (2)  mail  a  copy  of  such  financial statement to each shareholder or
  depositor on application therefor, and (3) make copies of such financial
  statement available to depositors, shareholders and other persons  in  a
  convenient  and  conspicuous  location  on  the  premises of each of its
  authorized places of business.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 406 - Charters Conformed to This Article; Obligations and Rights Unimpaired; Saving Clause; Applicability to Stock-Form Savings and Loan Associations.

§ 406.  Charters  conformed  to  this  article; obligations and rights
  unimpaired; saving clause; applicability to stock-form savings and  loan
  associations.  1.  Except  as provided by regulations promulgated by the
  superintendent of financial services pursuant to section  fourteen-e  of
  this  chapter, the powers, rights, duties, privileges and obligations of
  every savings  and  loan  association  shall  be  governed,  controlled,
  construed,  extended,  limited  and determined by the provisions of this
  chapter, and the articles of association, certificate of  incorporation,
  by-laws  or rules of every such association heretofore made or existing,
  are hereby modified, altered and amended to conform to the provisions of
  this chapter, and are declared void where such articles of  association,
  certificate of incorporation, by-laws or rules are inconsistent with the
  provisions  of this chapter; except that the obligations of any existing
  association, and the obligations to any such  association,  existing  on
  June  thirtieth,  nineteen hundred thirty-nine, shall not be in any wise
  impaired by the provisions of this act. No savings and loan  association
  shall  by reason of the provisions of this act be required to dispose of
  any loan or investment held by it on June  thirtieth,  nineteen  hundred
  thirty-nine.  For  the purposes of this section, articles of association
  and by-laws are not to be deemed obligations of the association and  may
  be  changed  as  prescribed in section four hundred two, anything in the
  articles of association or by-laws to the contrary notwithstanding.
2. The provisions of this article shall apply  to  stock-form  savings
  and  loan  associations  except  that  the  superintendent  of financial
  services, consistent with the declaration of policy described in section
  fourteen-e of this chapter, shall be empowered to deem  inapplicable  to
  stock-form   savings  and  loan  associations,  sections  three  hundred
  seventy-five, three hundred seventy-six,  three  hundred  seventy-seven,
  three  hundred  seventy-eight,  three hundred eighty-five, three hundred
  eighty-six, three  hundred  eighty-seven,  three  hundred  eighty-eight,
  three   hundred   eighty-nine,   three  hundred  ninety,  three  hundred
  ninety-two, three  hundred  ninety-seven,  three  hundred  ninety-eight,
  three   hundred  ninety-eight-a,  three  hundred  ninety-eight-b,  three
  hundred ninety-eight-c, subdivisions one, two and three of section three
  hundred ninety-nine, four hundred, four hundred two, four  hundred  five
  and four hundred six of this chapter.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 407 - Exemptions.

§ 407.  Exemptions.  Savings  and  loan  associations  shall be deemed
  institutions for savings, and such associations and the property of such
  associations shall be exempt from taxation under  any  law  which  shall
  exempt  savings  banks  or  institutions for savings from taxation.  The
  shares held by members of any association and  the  dues  and  dividends
  credited  thereon shall be exempt from sale on execution and proceedings
  supplementary thereto to the amount of  six  hundred  dollars,  and  the
  members of any such association shall not be individually liable for the
  payment  of its debts. The shares of savings and loan associations shall
  not be subject to the stock transfer  tax  either  when  issued  by  the
  association or when transferred from one member to another.