reglab/statecodes huggingface dataset:
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 409 - Conversion of a State Savings and Loan Association Into a Federal Savings and Loan Association.

§ 409.  Conversion  of  a  state  savings  and loan association into a
  federal savings and loan association. Any savings and  loan  association
  may  convert  itself  into  a  federal  savings  and loan association. A
  meeting of the shareholders shall be held upon not less than  ten  days'
  written  notice  to each shareholder, either served personally or mailed
  to him at his last known address and containing a statement of the time,
  place and purpose of such meeting. Proof by affidavit of due service  of
  such notice shall be filed in the office of the association before or at
  the time of such meeting.
At such meeting the shareholders may, by vote in person or by proxy of
  the  holders  of  (a)  at  least  sixty-six and two-thirds per centum in
  amount of the book value of all outstanding  shares,  or  (b)  at  least
  seventy-five  per  centum in amount of the book value of the outstanding
  shares represented at the meeting,  authorize  the  conversion  of  such
  savings   and   loan   association  into  a  federal  savings  and  loan
  association. A copy of the minutes of  such  meeting,  verified  by  the
  presiding officer and by the secretary of the meeting, shall be filed in
  the office of the superintendent within two days thereafter.
Within  three  months  after the date of such meeting, the association
  shall take such action, in the manner prescribed or  authorized  by  the
  laws  of  the  United States as shall make it a federal savings and loan
  association and shall thereupon file in the office of the superintendent
  a copy of the charter or authorization issued to it.   Upon such  filing
  the  association  shall cease to be a corporation under the laws of this
  state, except that  its  corporate  existence  shall  continue  for  the
  purpose  of prosecuting or defending suits and of enabling it to wind up
  its affairs as a state savings and loan association and  to  dispose  of
  and  convey  its  property.  At  the  time  when such conversion becomes
  effective, all of the property of the state savings and loan association
  shall immediately by act of law and without any conveyance  or  transfer
  become  the property of the federal savings and loan association and the
  federal savings and loan association shall thereupon succeed to all  the
  rights,  obligations  and  relations  of  the  state  savings  and  loan
  association.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 412 - Conversion of Federal Savings Institutions to State Charter.

§  412.  Conversion  of federal savings institutions to state charter.
  The superintendent is authorized to promulgate such regulations  as  are
  necessary to permit the conversion of any federal savings association or
  federal  savings  and  loan  association  to  state  charter  where such
  conversion is not otherwise governed by the provisions of this  chapter.
  Subject   to  the  foregoing,  such  regulations  may  provide  for  the
  conversion of a federal savings association or federal savings and  loan
  association,  whether  in  mutual  or stock form, into a state-chartered
  savings bank  or  state-chartered  savings  and  loan  association.  The
  federal savings association shall submit a written plan of conversion to
  the  superintendent,  together  with  an investigation fee as prescribed
  pursuant to section eighteen-a of this chapter.
2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 413 - Reciprocal Interstate Acquisitions.

§ 413.  Reciprocal interstate acquisitions. 1. With the prior approval
of the superintendent, a New York savings and loan holding company or  a
subsidiary thereof or a New York savings association may acquire control
of  an  out-of-state savings and loan holding company or an out-of-state
savings association,  and  an  out-of-state  savings  and  loan  holding
company  or  a subsidiary thereof or an out-of-state savings association
may acquire control of a New York savings and loan holding company or  a
New York savings association subject to regulations to be adopted by the
superintendent   of   financial   services.  The  terms  and  conditions
prescribed by such regulations shall be substantially similar  to  those
contained  in  section one hundred forty-two-b of this chapter governing
reciprocal interstate acquisitions by bank holding companies.
2. For the purposes of this section:
(a) the term "savings association" shall have the same meaning  as  in
section  10  of  an  Act  of  Congress  entitled Home Owners Loan Act as
amended from time to time;
(b) the term "savings and loan holding company" shall  have  the  same
meaning as in section 10 of an Act of Congress entitled Home Owners Loan
Act as amended from time to time;
(c)  the  term  "New  York  savings  association" shall mean a savings
association whose principal office is located in this state and the term
"out-of-state savings association"  shall  mean  a  savings  association
whose  principal  office  is located in a state other than this state or
the District of Columbia; and
(d) the term "New York savings and loan holding company" shall mean  a
savings  and  loan  holding  company which controls one or more New York
savings associations and the term "out-of-state savings and loan holding
company" shall mean a savings and loan holding company other than a  New
York  savings  and  loan  holding  company  which conducts its principal
banking business in a state other than this state  or  the  District  of
Columbia.  The  jurisdiction  in  which an out-of-state savings and loan
holding company conducts its principal banking business is that state or
the District of Columbia in which the total deposits of such company and
its banking subsidiaries are largest.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420 - Definitions.

§ 420.  Definitions.  When  used  in  this  article unless the context
  otherwise requires:
1. "Default" means an adjudication or other official determination  of
  a  court of competent jurisdiction or other public authority pursuant to
  which a conservator, receiver, or other legal custodian is appointed for
  an insured institution for the purpose of liquidation.
2. "Fund" means the state savings and loan insurance fund  created  by
  section four hundred twenty-a of this article.
3. "Insured account" means a savings account held by an insured member
  and which is insured under the provisions of this article.
4.  "Insured  savings and loan association" means an association whose
  accounts are insured under this article.
5. "Member" or "insured member" means a savings and  loan  association
  whose  application  for  membership  in  the  fund has been accepted and
  approved; and which has made all payments required by this article;  and
  whose membership has not been terminated.
6.  "Reserves" means the aggregate total of capital, advance premiums,
  assessments and retained earnings of the fund.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-C - General Powers of the Fund.

§ 420-c.  General  powers  of the fund. Except as otherwise limited by
  this article, the fund shall have power:
1. To sue and be sued;
2. To have a seal and alter the same at pleasure;
3. To  borrow  money  and  issue  negotiable  notes,  bonds  or  other
  obligations and to provide for the rights of the holders thereof;
4. To invest any funds held in reserve or sinking funds, or any monies
  not required for immediate use or disbursement, at the discretion of the
  fund,  in  obligations  of  the state or the United States government or
  obligations the principal and interest of which are  guaranteed  by  the
  state or the United States government;
5.  Subject  to  the  approval  of  the  superintendent  of  financial
  services, to establish rules and regulations governing the  exercise  of
  its powers and the fulfillment of its purposes under this article;
6.  To  enter into contracts and leases and to execute all instruments
  necessary or convenient;
7. To acquire, hold and dispose of real or personal  property  in  the
  exercise of its powers;
8.  To  appoint  such officers and employees as it may require for the
  performance  of  its  duties,   and   to   fix   and   determine   their
  qualifications,  duties,  and  compensation  and  to  retain  or  employ
  auditors, engineers and private  consultants  on  a  contract  basis  or
  otherwise  for  rendering professional or technical services and advice,
  and with the approval of the attorney general of the state of New  York,
  to retain or employ counsel;
9.  To  conduct  investigations and hearings in the furtherance of its
  general purposes, and in aid thereof have access to any  books,  records
  or  papers  relevant thereto; and if any person whose testimony shall be
  required for the proper performance of the duties of the fund shall fail
  or refuse to aid or assist the fund in the conduct of any  investigation
  or  hearing,  or to produce any relevant books, records or other papers,
  the fund is authorized to apply for process of subpoena, to issue out of
  any court of general original jurisdiction whose process can reach  such
  person, upon due cause shown;
10.  In  the performance of the fund's duties, to utilize the services
  of employees of the department of financial  services,  reimbursing  the
  department of financial services for such services and expenses therein;
11.  To  do all things necessary, convenient or desirable to carry out
  its purposes and for the exercise of the powers granted in this article.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-D - Capital Stock; Advance Premiums; Other Fiscal Provisions.

§ 420-d. Capital stock; advance premiums; other fiscal provisions.  1.
  The fund shall have a capital stock of one hundred million dollars which
  shall  be  divided  into shares of one hundred dollars each. Each member
  savings and loan association  whose  accounts  are  insured  under  this
  article shall subscribe and pay for such stock in an amount equal to one
  percentum  of  its savings accounts at the time of admission to the fund
  and shall make annual adjustments to maintain such ratio.
2. Each savings and loan association at the time it becomes  a  member
  of  the fund shall pay an advance premium to the fund in an amount equal
  to one percentum of the savings and loan association's savings accounts,
  said premium to be  maintained  at  a  one  per  cent  level  by  annual
  adjustments  thereof  until such time as the reserves of the fund are in
  excess of two and one-half percentum of the  aggregate  of  the  savings
  accounts  of  its members, whereupon such excess shall be applied at the
  end of the fiscal year on a pro-rata  basis  to  the  reduction  of  the
  advance premiums or to the payment of current premiums at the discretion
  of the trustees.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-E - Exemption From Taxation.

§ 420-e.  Exemption  from taxation. It is hereby found, determined and
  declared that the creation of the fund  and  the  carrying  out  of  its
  purposes  is  in all respects for the benefit of the people of the state
  of New York and  for  the  improvement  of  their  health,  welfare  and
  prosperity and is a public purpose, and that the fund will be performing
  an  essential  governmental  function  in  the  exercise  of  the powers
  conferred upon it by this article, and that the fund shall  be  required
  to  pay no fees, taxes or assessments, whether state or local, including
  but not limited to fees, taxes or assessments on real estate,  franchise
  taxes,  sales  taxes  or  other  excise taxes, upon its activities as an
  insurer; and that all income received by the fund and that the bonds  of
  the  fund  and  the  income  therefrom shall at all times be exempt from
  taxation, except for gift and estate taxes and taxes on transfers.  This
  section  shall  constitute  a covenant and agreement with the holders of
  all bonds issued by the fund.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-F - Use of Fund Name Prohibited; Penalties for Violation.

§ 420-f.  Use  of  fund  name prohibited; penalties for violation.  No
  individual, association, partnership, or corporation shall use the words
  "state savings and loan insurance fund", or any combination  of  any  of
  these words which would have the effect of leading the public in general
  to believe there was any connection, actually not existing, between such
  individual,  association,  partnership,  or corporation and the fund, as
  the name under  which  he  or  it  shall  hereafter  do  business.    No
  individual,  association, partnership, or corporation shall advertise or
  otherwise represent falsely by any device whatsoever  that  his  or  its
  accounts  are  insured  or  in anywise guaranteed by the fund, or by the
  state, or by any instrumentality thereof; and no  insured  member  shall
  advertise  or  otherwise  represent falsely by any device whatsoever the
  extent to which or the manner in which its accounts are insured  by  the
  fund.   Every   individual,  partnership,  association,  or  corporation
  violating this section shall be guilty of a misdemeanor punishable by  a
  fine  of  not  exceeding  one  thousand  dollars, or by imprisonment not
  exceeding one year, or both.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-G - Insurance of Accounts and Eligibility Provisions.

§ 420-g.  Insurance  of  accounts  and eligibility provisions. 1.   It
  shall be the duty of the fund  to  insure  the  accounts  of  all  state
  savings and loan associations that apply and qualify therefor.  Approval
  of  the  application shall constitute the savings and loan association a
  member of the fund.
2. Applications shall be in such form as the fund shall prescribe, and
  shall contain an agreement (a)  to  pay  the  reasonable  cost  of  such
  examinations  as  the  fund shall deem necessary in connection with such
  insurance, and (b) if the insurance is granted, to permit  and  pay  the
  cost  of  such examinations as in the judgment of the fund may from time
  to time be necessary for its protection and  the  protection  of  member
  savings  and loan associations, to permit the fund to have access to any
  information or report with respect to any examination made by any public
  regulatory authority and to  furnish  any  additional  information  with
  respect  thereto as the fund may require, and to pay the premium charges
  for insurance as hereinafter provided.
3. The fund shall reject the application of any applicant if it  finds
  that  the  applicant  has  assets  insufficient to pay its debts and the
  amount due its members upon  savings  accounts  or  that  its  financial
  policies  or  management  are unsafe or unsound; and the fund may reject
  the application of any applicant if it finds that the character  of  the
  management of the applicant or its home financing policy is inconsistent
  with  economical  home  financing  or with the purposes of this article.
  Upon the approval of any application for insurance the fund shall notify
  the applicant, and upon the required purchase of the  capital  stock  of
  the  fund  and  upon  the payment of the initial premium charge for such
  insurance and required advance premiums the  fund  shall  issue  to  the
  applicant   a   certificate  stating  that  it  has  become  an  insured
  institution. In considering applications for  such  insurance  the  fund
  shall  give  full  consideration  to  all factors in connection with the
  financial condition of applicants and insured  institutions,  and  shall
  have  power to require such adjustments in their financial statements as
  the fund finds to be necessary.
4. Any savings and loan association which applies after January first,
  nineteen hundred sixty-seven for insurance under this article shall pay,
  in the event its application is  approved,  an  admission  fee  in  such
  amount  as the fund shall determine, taking into consideration the total
  cost of processing all insurance applications.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-H - Premiums on Insurance.

§ 420-h.  Premiums  on insurance. 1. Each savings and loan association
  whose application for insurance  is  approved  by  the  fund  shall  pay
  required  advance  premiums to the fund, as well as a premium charge for
  such insurance equal to one-twelfth of  one  per  centum  of  the  total
  amount  of  all  savings  accounts of such institution plus any creditor
  obligations of such institution. Such premiums shall be paid at the time
  the certificate is  issued  by  the  fund  under  section  four  hundred
  twenty-g  of this article, and thereafter annually until the reserves of
  the fund equal two and one-half per centum of all  savings  accounts  of
  all  members;  except that under regulations prescribed by the fund such
  premium charge may be paid semiannually. If at any  time  such  reserves
  fall  below such two and one-half per centum, the payment of such annual
  premium charge for insurance shall be resumed  and  shall  be  continued
  until the reserves are brought back to such two and one-half per centum.
  For  the  purposes  of  this  subdivision, the amount in all accounts of
  insured  members  and  the  amount  of  creditor  obligations   of   any
  institution  may  be determined from adjusted statements made within one
  year prior to the approval of the application of such savings  and  loan
  association  for  insurance,  or in such other manner as the fund may by
  rules and regulations prescribe.
2. The fund is further  authorized  to  assess  against  each  insured
  savings and loan association additional premiums for insurance until the
  amount  of such premiums equals the amount of all losses and expenses of
  the fund; except that the total amount  so  assessed  in  any  one  year
  against   any  such  savings  and  loan  association  shall  not  exceed
  one-eighth of one per centum of the total amount of its savings accounts
  and its creditor obligations.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-I - Payment of Insurance.

§ 420-i.  Payment  of  insurance. 1. Each savings and loan association
  whose application for insurance under this article is  approved  by  the
  fund  shall  be entitled to insurance up to the full withdrawal value of
  the accounts of each of its members and investors or in such  amount  as
  shall be established by the board of trustees, but in no event shall the
  maximum amount of insurance for any savings account be less than fifteen
  thousand dollars.
2.  In  the  event  of  a  default  by  any  insured  savings and loan
  association, payment of each insured account in such insured association
  shall be made by the fund as soon as possible either (1) by cash or  (2)
  by  making  available  to  each  savings  account  a transferred savings
  account in a new insured  savings  and  loan  association  in  the  same
  community  or  in  another  insured  savings  and loan association in an
  amount equal to the insured savings account; provided however, that  the
  fund,  in its discretion, may require proof of claims to be filed before
  paying the insured accounts, and that in any case where the fund is  not
  satisfied  as  to the validity of a claim for an insured account, it may
  require the final determination of a  court  of  competent  jurisdiction
  before paying such claim.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-J - Liquidation of Insured Savings and Loan Associations.

§ 420-j.  Liquidation of insured savings and loan associations.  1. In
  the event that a savings and loan association is in  default,  the  fund
  may be appointed by the superintendent as conservator or receiver and as
  such,  may  be  authorized  by  the  superintendent (a) to take over the
  assets of and operate such association, (b) to take such action  as  may
  be  necessary  to  put  it  in  a  sound  and  solvent condition, (c) to
  negotiate  for  a  merger  with  another  insured   savings   and   loan
  association, (d) to negotiate the organization of a new savings and loan
  association  to take over its assets, or (e) to proceed to liquidate its
  assets  in  an  orderly  manner,   whichever   shall   appear   to   the
  superintendent  to be in the public interest. The payment by the fund of
  an insured account in any such association which  is  in  default  shall
  entitle  the  fund  to the rights of the holder of such insured account,
  but shall not affect any right which the holder of such account may have
  in the uninsured portion of his account or any right which he  may  have
  to  participate  in  the distribution of the net proceeds remaining from
  the disposition of the assets of such association.
2. In order to prevent a  default  in  an  insured  savings  and  loan
  association  or  in  order  to  restore an insured association to normal
  operation as an insured  savings  and  loan  association,  the  fund  is
  authorized, in its discretion, to make loans to, purchase the assets of,
  or make a contribution to, an insured savings and loan association or an
  insured  savings  and  loan  association in default; but no contribution
  shall be made to any such association in an amount  in  excess  of  that
  which  the  fund finds to be reasonably necessary to save the expense of
  liquidating such association.
2023 New York Laws › BNK - Banking › Article 10-A - State Savings and Loan Insurance Fund › 420-L - Savings and Loan Bank Eligible as Fiscal Agent.

§ 420-l.  Savings and loan bank eligible as fiscal agent.  The savings
  and loan bank operating pursuant to article ten-B of the banking law may
  be designated by the fund as its fiscal agent; such bank shall have  the
  power  to  accept such designation and to do all acts necessary in order
  to carry out the duties thereby imposed in accordance with any agreement
  entered into pursuant thereto.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 432 - Incorporation; Organization Certificate.

§ 432. Incorporation; organization certificate. When authorized by the
  superintendent  as  provided in article two of this chapter, ten or more
  savings and loan associations, the aggregate resources  of  which  shall
  not  be  less  than  five million dollars, may form the Savings and Loan
  Bank of the State  of  New  York.    Each  of  such  associations  shall
  subscribe, acknowledge and submit to the superintendent at his office an
  organization certificate in duplicate which shall specifically state:
1. The name, "Savings and Loan Bank of the State of New York."
2.  The  place  in  the  state of New York where its business is to be
  transacted.
3. The number of shares for  which  each  association  has  subscribed
  which  shall  amount  in  the  aggregate  to  not  less than one hundred
  thousand dollars.
4. The number of directors of such savings and loan bank, which  shall
  not  be  less  than  seven  nor  more than fifteen, and the names of the
  persons who shall be its directors until the first annual meeting.   The
  certificate  shall  recite that the directors possess the qualifications
  specified in section four hundred forty-one of this article.
5. The name and location of the principal office of each  savings  and
  loan association subscribing the certificate and the aggregate resources
  of each such association.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 433 - Proposed By-Laws.

§ 433.   Proposed  by-laws.  The  incorporators  shall  subscribe  and
  acknowledge and submit to the  superintendent  at  his  office  proposed
  by-laws  in  duplicate,  which  shall  prescribe the manner in which the
  business of such savings and loan bank shall be conducted with reference
  to the following matters: 1. The date during the month of January of the
  annual meeting of shareholders; the manner of calling special  meetings,
  and the number of members which shall constitute a quorum.
2.  The  number,  manner  of election and qualifications of directors,
  subject to the provisions of section  four  hundred  forty-one  of  this
  article;  the  method  of  division  into  classes  for  the  purpose of
  electing, as nearly as may be, an equal number of directors  each  year;
  the  removal or suspension of directors; the filling of vacancies in the
  board of directors, and the number of directors which shall constitute a
  quorum, which shall not be less than five.
3. The meetings, powers and duties of directors;  the  appointment  or
  election of committees.
4.  The officers; the manner of their election; their terms of office,
  duties and compensation; and  the  bonds  which  shall  be  required  of
  officers.
5.  The  annual commission that may be charged each member, subject to
  the limitations of section four hundred forty of this article.
6. The minimum amount of shares necessary to qualify for membership.
7. The minimum amount of shares necessary to qualify for extension  of
  credit.
8.  The  manner  of voting, subject to the limitations of section four
  hundred forty-four of this article.
9. The transfer of membership, subject to the limitations  of  section
  four hundred thirty-nine of this article.
10. The manner in which the by-laws may be altered or amended.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 434 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.

§ 434.  When  corporate  existence  begins;  conditions  precedent  to
  commencing business. When the superintendent  shall  have  endorsed  his
  approval  on  the organization certificate as provided in article two of
  this chapter, the corporate existence of the Savings and  Loan  Bank  of
  the  State of New York shall begin and it shall then have power to elect
  officers  and  transact  such  other  business   as   relates   to   its
  organization;  but  such  savings  and loan bank shall transact no other
  business until: 1.  Subscriptions to its shares aggregating one  hundred
  thousand  dollars  shall have been paid in cash and an affidavit stating
  that such subscriptions have been so paid, subscribed and  sworn  to  by
  its  two principal officers, shall have been filed in the clerk's office
  of the county of New York, and a certified copy thereof in the office of
  the superintendent.
2. The superintendent shall have duly issued to it  the  authorization
  certificate specified in article two of this chapter.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 436 - Restrictions on Powers.

§ 436. Restrictions on powers. The savings and loan bank shall not: 1.
  Do a general deposit business except with its members.
2.  Invest  more than twenty-five per centum of its surplus account in
  real estate occupied, or to be occupied, by it as a place  of  business,
  without the written approval of the superintendent.
3.  Incur  any indebtedness, except for the purpose of making loans to
  its members or purchasing from its members  those  investments  made  by
  them under article ten of this chapter, upon any bonds or notes, secured
  or  unsecured,  with a maturity exceeding three years or in an aggregate
  amount exceeding five times its capital.
4. Incur any indebtedness upon bonds or notes, secured  or  unsecured,
  for  the purpose of making loans to its members unless the amount of any
  such bonds or notes which are secured shall not be in excess  of  eighty
  per  centum  of the value of the collateral security pledged therefor to
  such savings and loan bank; and  any  such  bonds  or  notes  which  are
  unsecured shall not have a maturity in excess of three years.
5. Purchase from its members mortgage loans which were originated less
  than  five  years prior to date of such purchase, nor incur indebtedness
  for  the  purchase  from  its  members  of  mortgage  loans  which  were
  originated  five years or more prior to the date of such purchase by the
  issuance of bonds or  notes,  secured  or  unsecured,  with  a  maturity
  exceeding five years.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 437 - Redemption of Bonds and Notes; Procedure in Event of Default.

§ 437.  Redemption  of bonds and notes; procedure in event of default.
  1.  All bonds and notes issued by the  savings  and  loan  bank  may  be
  called  on  any  interest day at one hundred two and one-half per centum
  and interest by giving notice of not less than sixty days in a newspaper
  published in the city of New York or on such notice, in such manner  and
  at  such  time  and price, not to exceed one hundred five per centum and
  interest, as may be specified in such bonds or notes.
2. In the event of any default  for  more  than  ninety  days  in  the
  payment of the principal of, or for more than ninety days in the payment
  of  any  instalment  of  interest  upon,  any bond or note issued by the
  savings and loan bank, the superintendent may, in  his  discretion,  and
  shall, upon the request in writing of the holders of said obligations in
  default  to  the  amount  of  fifty  thousand  dollars,  forthwith  take
  possession of and proceed to liquidate the savings and loan  bank.  Upon
  such  liquidation  he  shall  be entitled in the name of the savings and
  loan bank to enforce all of its rights and securities and to collect and
  realize upon all of its assets, including all mortgages assigned to  the
  savings  and  loan  bank  by its several members, and deposited with the
  comptroller of the state of New York, up to the amounts advanced by  the
  savings  and  loan  bank  to  the several members thereon. Upon any such
  liquidation all said  obligations  then  issued  and  outstanding  shall
  forthwith  become  due  and  payable  equally and ratably out of all the
  assets of the savings and loan  bank  in  advance  of  any  other  debts
  thereof not specifically preferred by law.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 438 - Surplus Account.

§ 438.  Surplus account. 1. The savings and loan bank shall accumulate
  from its profits a surplus account by carrying thereto  annually  a  sum
  equal  to  one-half of one per centum of its capital, until such surplus
  account shall be equal to at least fifteen per centum of its capital.
2. The guaranty fund on June thirtieth, nineteen  hundred  thirty-nine
  shall  be  transferred  to  the surplus account and shall constitute the
  surplus account at that date.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 439 - Membership; Liability; Transfer of Shares.

§ 439. Membership; liability; transfer of shares. 1. Membership in the
  savings and loan bank shall be limited to savings and loan associations,
  except,  that  the  directors of the savings and loan bank may, in their
  discretion, permit federal savings and loan associations located in this
  state to be or become members of the savings and loan bank. Every member
  shall pay one hundred dollars for each  share  of  the  capital  of  the
  savings and loan bank issued to it.
2.  Members  of  the  savings  and loan bank shall not be individually
  liable for the payment of its debts.
3. Shares shall not be transferable, except that a  member,  which  is
  not  liable  to  the savings and loan bank for any direct obligation may
  transfer its shares therein to another savings and loan association,  by
  and  with  the consent of the board of directors of the savings and loan
  bank; or it may retire from membership and receive back such sums as  it
  has paid for its shares, upon giving one year's notice in writing to the
  savings  and  loan  bank  of  such intention, provided, however, that no
  withdrawal shall be permitted by the board  of  directors,  which  shall
  reduce  the  total  amount  of  the capital of the savings and loan bank
  below five hundred thousand dollars. The  board  of  directors  may,  in
  their  discretion, waive such notice, in the event of the liquidation of
  any member, and pay back such sums as it has paid for  its  shares  even
  though  such  payment should result in a reduction of capital below five
  hundred thousand dollars. Any member liable to the savings and loan bank
  for any direct obligation which holds shares in  excess  of  the  number
  required  by the by-laws of the savings and loan bank, may transfer such
  excess shares to another savings and loan association, by and  with  the
  consent  of  the  board of directors of the savings and loan bank; or it
  may, by and with the consent of the board of directors  of  the  savings
  and  loan bank, withdraw such excess shares and receive back such sum as
  it has paid for such excess shares, upon giving  one  year's  notice  in
  writing  to  the  savings  and  loan  bank  of such intention, provided,
  however, that no withdrawal of shares shall be permitted by the board of
  directors, which shall reduce the total amount of  the  capital  of  the
  savings and loan bank below five hundred thousand dollars.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 440 - Commissions and Payment of Expenses.

§ 440.  Commissions and payment of expenses. The savings and loan bank
  may charge each member an annual commission, not to exceed  one-half  of
  one  per  centum,  upon  the  outstanding  bonds and notes issued in its
  behalf, provided, however, that the rate of commission in any year shall
  be the same on  all  outstanding  obligations  in  respect  to  which  a
  commission  is  charged;  or  in  lieu  of charging such commissions the
  expenses incurred on account of any such obligations may be  charged  to
  the member on whose behalf such obligations are issued.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 441 - Qualifications and Disqualification of Directors; Oath of Directors.

§ 441.  Qualifications  and  disqualification  of  directors;  oath of
  directors. 1. At least three-fourths of the directors of the savings and
  loan bank must reside in the state of New  York  during  their  term  of
  office,  and  all must be citizens of the United States. No person shall
  be elected a director unless he is the owner in good faith  and  in  his
  own  right  on  the  books  of  a member savings and loan association of
  shares having a book value of not less than two hundred dollars and  has
  been  nominated  by  such  member  savings and loan association for that
  office; and every person elected  to  be  a  director  who,  after  such
  election,  shall hypothecate, pledge or cease to be the owner in his own
  right of such qualifying shares shall cease to  be  a  director  of  the
  savings and loan bank, and his office shall be vacant.
2.  Each  director, when appointed or elected, shall take an oath that
  he will, so far as the duty devolves upon him, diligently  and  honestly
  administer  the  affairs  of  the  savings  and  loan bank, and will not
  knowingly violate, or willingly  permit  to  be  violated,  any  of  the
  provisions  of  law  applicable  to  such corporation and that he is the
  owner in good faith and in his own right on the books of the savings and
  loan association which nominated him of shares having a book  value  not
  less than two hundred dollars, and that the same is not hypothecated, or
  in  any  way  pledged  as  security for any loan or debt and, in case of
  re-election that such shares were not hypothecated or in any way pledged
  as security for any loan or debt during his  previous  term.  Such  oath
  shall  be subscribed by the directors making it, certified by an officer
  authorized by law to administer oaths, and  immediately  transmitted  to
  the superintendent.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 442 - Number of Directors; Filling of Vacancies; Change of Number.

§ 442. Number of directors; filling of vacancies; change of number. 1.
  The  number  of directors of the savings and loan bank shall be not less
  than seven nor more than fifteen.
2. All vacancies in the office of director shall be filled by election
  by the members  except  as  provided  in  this  section.  Vacancies  not
  exceeding  one-third  of  the whole number of the board may be filled by
  the affirmative vote of a majority of the directors then in office,  and
  the directors so elected may hold office until such vacancies are filled
  by  the  members  at a special or annual election; or when the number of
  directors is nine or more, two vacancies may, with the  consent  of  the
  superintendent, be left unfilled until the next annual election.
3.  The  number of directors may be changed within the limits provided
  in subdivision one of this section by amendment of the by-laws.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 443 - Amendment of By-Laws.

§ 443.  Amendment  of  by-laws. The by-laws may be altered or amended,
  from time to time, provided such alterations or  amendments  shall  have
  first  received  the  written  approval  of the superintendent and shall
  thereafter have been duly adopted at a meeting of the directors.
A copy of any such alteration or  amendment  shall  be  filed  in  the
  office of the superintendent within thirty days after such adoption.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 444 - Annual Meeting; Notice; Voting.

§ 444.  Annual  meeting;  notice;  voting.  The  annual meeting of the
  shareholders for the election of directors shall be held in  January  in
  each  year  at a place within the state to be determined by the board of
  directors. Notice of the time and place of holding such  election  shall
  be  given  by  publication  thereof,  at least once in each week for two
  successive weeks immediately preceding such  election,  in  a  newspaper
  published  in  the city of New York and by mailing a copy of such notice
  postage prepaid to each shareholder of the savings  and  loan  bank  not
  less  than  ten  nor  more  than  forty  days before the holding of such
  meeting. Each member  shall  be  entitled  to  one  vote,  and  to  such
  additional  votes  not exceeding one vote for every share of the capital
  standing in its name on the books of the savings and loan  bank  as  the
  by-laws  may  prescribe.  Such vote or votes may be cast by mail when so
  provided in the by-laws.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 445 - Preference of Credits.

§ 445.  Preference  of credits. In case of the insolvency or voluntary
  or involuntary liquidation of any bank, trust  company  or  savings  and
  loan association, its assets shall be applied in the first place ratably
  and  proportionately  to the payment in full of any sum or sums of money
  deposited therewith by the savings and loan bank or due to  the  savings
  and  loan  bank for subscriptions, sinking funds, interest and principal
  of bonds, or guaranty of mortgages, notes secured or  unsecured  or  any
  other obligations due to the savings and loan bank, but not to an amount
  exceeding  that  authorized  to  be  so  deposited  or contracted by the
  provisions of this chapter, and in accordance and on  an  equality  with
  any other preference provided for in this chapter.
2023 New York Laws › BNK - Banking › Article 10-B - Savings and Loan Bank of the State of New York › 446 - Exemptions.

§ 446.  Exemptions. The bonds and notes issued by the savings and loan
  bank and the savings and loan bank itself, together  with  its  capital,
  accumulations  and funds, shall have the same exemption from taxation as
  other institutions for savings. No law which taxes corporations  in  any
  form,  or  the  shares  thereof,  or the accumulations therein, shall be
  deemed to include the savings and loan bank or its issues  of  bonds  or
  notes unless they are specifically named in such law.
2023 New York Laws › BNK - Banking › Article 10-C - Mutual Holding Companies › 447 - Authorization of the Formation of Mutual Holding Companies.

§ 447.  Authorization of the formation of mutual holding companies. 1.
  Notwithstanding any other  provision  of  law  and  in  accordance  with
  general regulations which the superintendent of financial services shall
  promulgate to facilitate such reorganizations, a mutual savings and loan
  association  may reorganize so as to cause its deposit-taking and one or
  more other activities to be  conducted  by  a  stock  savings  and  loan
  association  subsidiary  of  a  mutual  holding  company formed for such
  purpose upon the payment of a fee  as  prescribed  pursuant  to  section
  eighteen-a of this chapter.
2.  Except  to  the  extent that such provisions are inconsistent with
  this article, the stock savings and loan association subsidiary  of  the
  mutual  holding  company shall be subject to the same provisions of this
  chapter as apply to savings and loan associations which  have  converted
  to stock form pursuant to sections fourteen-e and nine thousand nineteen
  of this chapter.
2023 New York Laws › BNK - Banking › Article 10-C - Mutual Holding Companies › 447-D - Conversion of Mutual Holding Company Into Stock Holding Company.

§ 447-d.  Conversion  of  mutual  holding  company  into stock holding
company. 1. If approved by the superintendent, a mutual holding  company
may  convert  to  a  stock  holding  company  in accordance with general
regulations promulgated by the superintendent of financial services.
2. If approved by the superintendent, the mutual holding company shall
submit the plan of conversion to its  shareholders  for  approval  at  a
meeting  convened  for that purpose in accordance with such regulations.
The provisions of paragraphs (a), (b), (c) and (d) of subdivision  three
of  section  four  hundred  forty-seven-a of this article shall apply to
such  meeting.  For  the  purpose  of   this   subdivision,   the   term
"shareholders"  shall  mean those shareholders as of a record date, of a
stock savings and loan association  subsidiary  of  the  mutual  holding
company which:
(a)  was  organized  as  a  result  of  the reorganization of a mutual
savings and  loan  association  as  provided  in  section  four  hundred
forty-seven of this article; and
(b)  has  not  at  any time subsequent to its organization issued more
than forty-nine per centum of its issued and outstanding common stock to
any persons other than a mutual holding company  organized  pursuant  to
this  article  or the savings and loan holding company provisions of the
Home Owners Loan Act (title twelve United States Code Section 1467a).
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 450 - Incorporation; Organization Certificate.

§  450.  Incorporation; organization certificate.   When authorized by
  the superintendent as provided in article two of this chapter, seven  or
  more  persons  employed  or residing in the state of New York may form a
  corporation to be known as a credit union, which may include a corporate
  credit union or a credit union. The provisions  of  this  article  shall
  apply  to a corporate credit union or a credit union except as otherwise
  provided.  Such persons shall subscribe and acknowledge  and  submit  to
  the   superintendent  at  his  office  an  organization  certificate  in
  duplicate which shall specifically state:
1. The name of the corporation which shall include the  words  "credit
  union."
2.  The place where its business is to be transacted. If the condition
  of membership is employment  of  its  members  by  certain  individuals,
  partnerships  or  corporations,  the  place  of  business  of  any  such
  individual, partnership or corporation may be stated  as  the  place  of
  business of such credit union.
3. The par value of the shares.
4.  The  full  name,  residence and post office address of each of the
  incorporators.  These incorporators may serve  as  directors  until  the
  first  annual  meeting  of  shareholders.   The organization certificate
  shall also indicate which of the incorporators will serve  as  directors
  until such meeting.
5. Its duration if other than perpetual.
2023 New York Laws › BNK - Banking › Article 11 - Credit Unions › 450-A - Designation of Low Income Credit Union.

§  450-a.  Designation  of  low income credit union. 1. A credit union
  organized under this article may be designated as a  low  income  credit
  union as defined in subdivision five of this section.
2.  A  credit  union,  including a credit union in formation, may make
  written application to the superintendent to  be  designated  as  a  low
  income   credit   union.   If   the  superintendent  shall  find,  after
  investigation, that such credit union meets  the  definition  of  a  low
  income  credit  union,  as  set  forth  in this section, he or she shall
  approve such designation.
3. Notwithstanding any other provision of this article, a  low  income
  credit  union  may  issue shares, share drafts and share certificates to
  nonmembers  who  or  which  may  be   natural   persons,   corporations,
  partnerships or other legal entities.
4.  Except as provided in this section, all provisions of this chapter
  shall be applicable to low income credit unions.
5. As used in this section, the term "low income credit  union"  shall
  mean  a  credit  union in which a majority of the members: (a) make less
  than eighty percent of the average for all wage earners  as  established
  by  the  bureau  of  labor statistics of the United States department of
  labor or have annual household incomes that  fall  at  or  below  eighty
  percent  of the median household income for the nation as established by
  the United States census bureau;  or  (b)  are  residents  of  a  public
  housing project who qualify for such residency because of low income; or
  (c)  qualify to receive benefits from any program designed to assist the
  economically disadvantaged. The superintendent of financial services may
  promulgate regulations appropriate to the formation and operation of low
  income credit unions.
6. A credit union's designation as a low income credit  union  may  be
  removed   by   the  superintendent  if  he  or  she  shall  find,  after
  investigation, that such credit union no longer meets the definition  of
  a low income credit union as set forth in this section. Upon such a loss
  of  designation,  such  credit  union  shall  no longer be authorized to
  exercise the powers set forth in this section but shall  remain  subject
  to  all  of  the  other  provisions of this chapter applicable to credit
  unions generally.