2023 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.