reglab/statecodes huggingface dataset:
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 243 - Surplus Fund.

§ 243.  Surplus  fund. 1. Every savings bank shall create a fund to be
  known as a surplus fund. Such  fund  may  be  created  or  increased  by
  contributions  made  by the incorporators as provided in this article or
  by transfers from undivided profits or by  transfers  from  earnings  as
  required  in  this article. Such fund up to ten per centum of the amount
  due depositors shall not be available for any purpose  other  than  that
  specified  in  subdivision  two  of  this section, except with the prior
  written approval of the superintendent, provided that such fund shall be
  available without such approval for the purpose of  paying  expenses  or
  absorbing  losses  only  in the event such savings bank has no undivided
  profits against which such expenses or losses may be charged.
2. Contributions of incorporators or trustees to the surplus fund  may
  be  repaid  pro rata in such amounts as will not reduce the surplus fund
  below five per centum of the amount due depositors, provided the written
  approval of the superintendent shall be required before  any  repayments
  may  be  made that will reduce the surplus fund below the amount created
  at the time of incorporation of the  savings  bank.    In  case  of  the
  liquidation  of the savings bank before the contributions to the surplus
  fund have been repaid, any portion of such contributions not needed  for
  the payment of the expenses of liquidation and the payment of depositors
  and creditors in full may be repaid to the contributors pro rata.
3.  Contributions  heretofore made by incorporators or trustees of any
  savings bank to pay its expenses or to maintain its solvency,  under  an
  agreement  with  the  superintendent  that  such  contributions  may  be
  returned whenever such return will  not  affect  the  solvency  of  such
  savings  bank  or render it unsafe to continue business, may be returned
  in accordance with the provisions of such agreement.
4. The aggregate of the  guaranty  fund  and  expense  fund  of  every
  savings  bank  at  the  time  this act takes effect shall constitute the
  surplus fund at that date and shall thereafter be  subject  to  all  the
  provisions of this article relating to surplus fund.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 245 - Interest Payments.

§ 245.   Interest  payments.  1.  A  savings  bank  may  classify  its
  depositors according to the  character,  amount  or  duration  of  their
  dealings with the savings bank.
2.  In  the  discretion of a majority of all the trustees, the amounts
  contributed by incorporators or trustees to  the  surplus  fund  may  be
  credited  with  interest  at  the same rate that interest is credited to
  depositors.  Such  interest  may  be  paid  in  cash  or  added  to  the
  contributions  previously  made  and if so added shall be subject to all
  provisions of this article relating to contributions of incorporators or
  trustees to the surplus fund. If interest on such contributions  is  not
  paid  for  any  period  at  the time interest for such period is paid to
  depositors, the contributors shall not thereafter receive or be credited
  with any interest for such period.
3. A savings bank shall not pay any interest  on  any  deposit  for  a
  longer  period  than the same has been on deposit, except as provided in
  subdivision three-a of this section.
3-a. Deposits made not later  than  the  tenth  calendar  day  of  any
  calendar  month  may be credited with interest from the first day of the
  month in which such deposits were made, and deposits withdrawn upon  one
  of  the last three business days of any interest period or, in the event
  that one of such last  three  business  days  is  a  Saturday,  deposits
  withdrawn upon one of the last four business days of any interest period
  may  be credited with interest as if they had remained on deposit to the
  end of  the  interest  period.  If  the  by-laws  so  provide,  deposits
  withdrawn  before  the  close of an interest period may be credited with
  interest to the first day of the month in which such withdrawal is made.
  The provisions of this subdivision shall not apply to deposits on  which
  interest is credited pursuant to subdivision three-b of this section.
3-b. Subject to such limitations and restrictions as may be prescribed
  by  regulation  of  the  superintendent of financial services, a savings
  bank may credit interest on deposits from the date on which the  deposit
  is made to the date the deposit is withdrawn.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 246-A - Executive Committee and Other Committees.

§ 246-a.   Executive   committee  and  other  committees.  1.  If  the
organization certificate  or  the  by-laws  so  provide,  the  board  of
trustees  by  resolution  adopted by a majority of the entire board, may
designate from among its members an executive committee consisting of at
least five trustees and other committees each consisting of two or  more
trustees,  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  filling of vacancies in the board of trustees or in any such
committee;
(b) The fixing of compensation of the  trustees  for  serving  on  the
board or on any committee;
(c)  The  amendment  or  repeal of the by-laws, or the adoption of new
by-laws;
(d) The amendment or repeal of any resolution of the  board  which  by
its terms shall not be so amendable or repealable;
(e)  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 trustees.
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 trustee of his duty to the savings bank 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  trustees  and  shall  be
filed with the records of the savings bank.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 249 - Compensation of Trustees and Officers.

§ 249.  Compensation  of  trustees  and  officers.  1.  A trustee of a
  savings bank shall  not  directly  or  indirectly  receive  any  pay  or
  emolument  for  any  services  rendered  to  the savings bank, except as
  provided in this section.
2. A trustee may, by  affirmative  vote  of  a  majority  of  all  the
  trustees, receive reasonable compensation for (a) attendance at meetings
  of the board of trustees; (b) service as an officer of the savings bank,
  provided  his  duties  as  officer  require  and receive his regular and
  faithful attendance at the savings bank; (c) service in appraising  real
  property  for  the  savings  bank;  and  (d)  service  as  a member of a
  committee of the board of trustees.
3. An attorney for a savings bank, although he be a  trustee  thereof,
  may  receive  a  reasonable  compensation for his professional services,
  including examinations and certificates of title  to  real  property  on
  which  mortgage  loans  are  made by the savings bank; or if the savings
  bank  requires  the  borrowers  to  pay  all   expenses   of   searches,
  examinations   and   certificates   of  title,  including  the  drawing,
  perfecting and recording of papers, such attorney  may  collect  of  the
  borrower  and  retain  for his own use the usual fees for such services,
  excepting any  commissions  as  broker  or  on  account  of  placing  or
  accepting such mortgage loans.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 250 - Pensions; Insurance.

§ 250.  Pensions;  insurance.  Subject  to  such  regulations  as  the
  superintendent of financial services may prescribe, a savings bank  may,
  in the discretion of a majority of all the trustees:
1.   Provide   pensions  to  officers  and  employees  pursuant  to  a
  nondiscriminatory plan for service rendered to the savings bank  or  for
  having  become  incapacitated  while  in  service  to  the savings bank,
  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 6 - Savings Banks › 252 - Reports to Trustees.

§ 252.  Reports  to  trustees.  The board of trustees of every savings
  bank shall designate, by resolution duly recorded  in  the  minutes,  an
  officer or officers whose duty it shall be to prepare and submit to each
  trustee  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 as
  described  in  this  section.  Except  as  otherwise  provided  by   the
  superintendent  by  regulation,  which  regulation  may define the terms
  contained herein and  establish  such  requirements  according  to  size
  and/or  business activities of a savings bank, such report shall include
  all the purchases and sales of securities, made  by  such  savings  bank
  since  the  date  of  the  last  preceding  report made pursuant to this
  section. Unless otherwise provided by the  superintendent,  such  report
  shall  also  contain a statement showing every loan, made or invested in
  by such savings bank, which is outstanding, at the time of such  report,
  in  an  amount  equal  to  or  greater  than  a  reportable  amount,  as
  hereinafter in this section defined, describing the collateral  to  such
  indebtedness  as  of  the  date  of  such report. A copy of such current
  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 trustees present at such meeting, shall be  filed  with  the
  records of the savings bank 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 trustees at other than regular board and
  committee meetings. For the purposes  of  this  section,  (a)  the  term
  "loan"  shall  mean  the  aggregate  of  all loans to the same borrower,
  except that, with respect to loans secured by real estate, it shall mean
  the aggregate of all loans upon the security of the  same  real  estate;
  (b)  the  term  "borrower"  shall,  with  respect  to any loan, mean the
  individual,  partnership,  unincorporated  association  or   corporation
  primarily  liable  upon  the  loan; and (c) the term "reportable amount"
  shall, at each time of the determination thereof, mean two hundred fifty
  thousand dollars or one per centum of the  net  worth  of  such  savings
  bank,  whichever  is  less;  provided, however, that such term shall not
  include (1) an amount less than one thousand dollars, or (2) the  amount
  of any loan which loan is fully secured by the assignment of one or more
  deposits  in  such  savings bank, or (3) the then amount of a loan which
  loan was outstanding in an equal or greater amount at the  date  of  the
  last preceding report made pursuant to this section.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 253 - Official Communications From Department of Financial Services to Be Submitted to Trustees and Noted in Minutes.

§ 253.  Official  communications from department of financial services
  to be submitted  to  trustees  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  trustees  at  the
  next meeting of such board, and duly noted in the minutes.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 254 - Examinations by Trustees.

§ 254.  Examinations  by trustees.  1.  Once in each calendar year the
  trustees of each savings bank by a committee of not less than  three  of
  their  number, none of whom shall be an officer or salaried employee of,
  or an attorney who receives any fee, compensation or any other  form  of
  emolument for legal services rendered to, such savings bank, shall fully
  examine the records and affairs of such savings bank, 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. 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
  trustees  to  determine  whether  adequate  protection  is  afforded  to
  depositors.  The  trustees  may  employ  such  assistants  as  they deem
  necessary in making the examination prescribed by  this  section,  other
  than an attorney who receives any fee, compensation or any other form of
  emolument for legal services rendered to such savings bank.
2.  A savings bank'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.
3.  A  report  of  each  such  examination,  in  such  form  as may be
  prescribed by the superintendent, sworn to by the  trustees  making  the
  same shall, within thirty days after the completion of such examination,
  be  presented to the board of trustees of such savings bank at a regular
  meeting and thereafter filed with the  records  of  such  savings  bank.
  Within  ten  days  after the presentation of such report to the board of
  trustees 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  trustees,  in  the  form  prescribed  by  the
  superintendent.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 255 - Reports to Superintendent; Penalty for Failure to Make.

§ 255.  Reports  to superintendent; penalty for failure to make. 1. On
  or before the first day of February in  each  year  every  savings  bank
  shall make a written report to the superintendent, which shall contain a
  statement  of  its  conditions  as  of  the  morning of the first day of
  January of such year. Such report shall contain such information and  be
  in such form as the superintendent may prescribe and shall be subscribed
  by  the  president or a vice-president and another principal officer and
  affirmed by such officers as true under the penalties of perjury.
2. Every savings bank 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  a  savings  bank  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 savings bank 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 as provided in this chapter.
4. No savings bank shall be required  to  make  any  annual  or  other
  report  or  be  subject  to  any  inspection  or  supervision, except as
  provided in this chapter.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 255-A - Publication and Delivery of Annual Report.

§ 255-a. Publication and delivery of annual report. Every savings bank
  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 depositor on application therefor, and (3) make copies
  of such financial statement available to depositors 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 6 - Savings Banks › 256 - Photographic Reproduction of Records.

§ 256.   Photographic   reproduction   of   records.  Any  photograph,
  microphotograph or reproduction on film of  any  of  the  documents  and
  records of a savings bank relating to the accounts of its depositors and
  the  operation of its business, which such savings bank 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 6 - Savings Banks › 257 - Duties of Trustees and Officers.

§ 257. Duties of trustees and officers. 1. Trustees 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, trustees and officers, when acting in good faith, may rely
(a) upon financial statements of the savings bank represented to them to
be correct by the president or the officer of the  savings  bank  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
bank 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  trustees  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 trustees  or  officers
of a savings bank 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  bank's  assets
committed to his charge.
(2)  The  acquisition by himself, transfer to others, loss or waste of
the savings bank'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
bank's assets by one  or  more  trustees  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
bank's  assets by one or more of the trustees 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 bank or an officer, trustee or judgment creditor thereof.
4. This section shall not affect any liability  otherwise  imposed  by
law upon any trustee or officer.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 260 - Charters of All Savings Banks Conformed to This Article.

§ 260.  Charters  of all savings banks conformed to this article.  The
  powers, privileges and  duties,  and  all  restrictions,  heretofore  or
  hereafter  conferred  or  imposed upon any savings bank by whatever name
  known, by its charter or act  of  incorporation,  are  hereby  abridged,
  enlarged  or  modified,  as  each  particular  case may require, in such
  manner that every such charter or act of incorporation shall be made  to
  conform to the provisions of this article and to such amendments thereof
  as  may  be hereafter made. Every savings bank shall possess the powers,
  rights and privileges, and be subject to the  duties,  restrictions  and
  liabilities,  conferred  and  imposed  by  this article, notwithstanding
  anything to the  contrary  in  their  respective  charters  or  acts  of
  incorporation.
2023 New York Laws › BNK - Banking › Article 6 - Savings Banks › 260-A - Amendment of Organization Certificate and By-Laws.

§  260-a.  Amendment  of  organization  certificate  and  by-laws. Any
  proposed change in the organization certificate or the  by-laws  of  any
  savings  bank  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 savings bank for thirty days.
  Such proposed changes may thereafter be incorporated in the organization
  certificate or the by-laws of the savings bank by being duly adopted  by
  its  trustees. 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 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 282 - Creation of Fund.

§ 282.  Creation  of  fund.  Any  seventy-five  or  more savings banks
  organized under the laws  of  the  state  of  New  York  whose  deposits
  aggregate  not less than fifty per cent of the total deposit liabilities
  of all the savings banks in the  state,  may  enter  into  an  agreement
  (hereinafter  called  the  agreement)  subject  to  the  approval of the
  superintendent of financial  services  to  create  a  fund  (hereinafter
  called  the  fund) and from time to time make such contributions to such
  fund as the said agreement may provide for, for the purpose of  insuring
  deposits  and/or otherwise protecting the interests of depositors in the
  banks (hereinafter referred to as member banks) which become parties  to
  the  said agreement. Once this agreement has become effective, if at any
  subsequent time there should be  fewer  member  banks  than  the  number
  required  to  create the fund, the remaining member banks are authorized
  to continue the fund.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 283 - Management of Fund.

§ 283.  Management  of  fund.  The  fund  shall  be  collected,  held,
  administered and disbursed by a corporate trustee or a board of trustees
  composed of individuals who are trustees of mutual savings banks, either
  of which shall be approved by the superintendent of financial  services,
  which corporate trustee or board of trustees are hereinafter referred to
  as  the trustee. In the event there be a board of individual trustees, a
  majority of them at any time in office shall constitute  a  quorum,  and
  the  vote  of  a  majority at any meeting, provided a quorum be present,
  shall be determinative and any action  taken  pursuant  thereto  be  the
  action of the trustee.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 284 - Agreement; Filing and Provisions Thereof.

§ 284.  Agreement;  filing  and provisions thereof. The agreement when
  approved by the superintendent of financial services shall  be  executed
  by  the  savings  banks  parties  thereto  and  filed in his office. The
  agreement may be executed in any number of counterparts,  all  of  which
  taken  together  shall constitute the original. The agreement shall name
  the  trustee  and  contain  suitable  provisions  for  the  removal   or
  resignation  of  the  trustee,  or  if  the  trustee named be a board of
  trustees, for the removal or resignation of any or all of them, and  for
  the  appointment  of a successor trustee or for the filling of vacancies
  in such  board  of  trustees,  whether  caused  by  death,  resignation,
  disqualification  or  removal;  it  shall also provide the amount of the
  initial contributions to the fund and the manner  of  making  subsequent
  calls,  and  may  contain such limitations thereon as the superintendent
  shall approve, but all  such  initial  contributions  to  the  fund  and
  payments  pursuant  to  further  calls  shall be made ratably by all the
  member banks in proportion to their several deposit liabilities,  except
  that  the  superintendent of financial services may exempt from any such
  call in whole or in part any member bank or banks the condition of which
  makes such exemption in his opinion desirable; it may also  provide  for
  the  liquidation  of the fund pursuant to rules and regulations for that
  purpose acceptable to the superintendent of financial services, provided
  that on any such liquidation the liabilities incurred or assumed by  the
  trustee  pursuant  to  the provisions hereof shall first be paid and the
  balance, if  any,  be  distributed  among  the  member  banks  pro  rata
  according  to  their  contributions;  and  the  agreement  may similarly
  provide for the change or amendment thereof with  the  approval  of  the
  superintendent  of  financial  services  and  with  such approval may be
  amended in such manner as may be provided  therein;  and  the  agreement
  shall also define the powers of the trustee, which may be all or any one
  or  more  or  the  powers  hereinafter  set  forth,  together  with  any
  additional powers not inconsistent with the powers herein enumerated  or
  with the purposes of the fund, set forth in the agreement.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 286 - Taxation and Exemption of Property Held in Fund; Exemption of Mortgages From Mortgage Recording Tax.

§ 286.  Taxation  and exemption of property held in fund; exemption of
  mortgages from mortgage recording tax. The fund and the  income  thereof
  shall  be exempt from all taxation now or hereafter imposed by the state
  of New York or  by  any  county,  municipality  or  local  authority  or
  subdivision,  except that any real property constituting an asset of the
  fund shall be subject to city, county, municipal or  local  taxation  to
  the same extent according to its value as other similar real property is
  taxed. Mortgages executed by the fund and/or its trustee shall be exempt
  from  the  mortgage recording taxes imposed by article eleven of the tax
  law.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 287 - Member Savings Banks.

§ 287.  Member  savings  banks.  Any  savings bank incorporated in the
  state of New York may become a member of the fund  upon  the  terms  and
  conditions  set  forth  in  the  agreement  by  executing  the agreement
  authorized by this article, or a counterpart thereof.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 288 - Contributions as Assets.

§ 288.   Contributions  as  assets.  All  contributions  and  payments
  pursuant to call paid into the fund by any member savings  bank  may  be
  carried by it as an asset to the extent authorized by the superintendent
  of financial services.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 289 - Confirmation of Powers.

§ 289.  Confirmation  of  powers.  Any  savings  bank  shall  have the
  authority to do and permit to be done any of the  acts  and  things  and
  make any of the payments and contributions herein authorized.
2023 New York Laws › BNK - Banking › Article 6-B - Fund for Insuring Deposits in Savings Banks And/or Otherwise Protecting Depositors › 289-A - Immunity of Trustee and Member Savings Banks.

§ 289-a.  Immunity  of  trustee  and member savings banks. The trustee
  shall in no event be  individually  liable  for  anything  done  or  any
  liability  incurred  or assumed by virtue hereof, and any such liability
  shall be collectible only out of the fund, nor shall any member bank  be
  subject  to  any  liability  except  for its unpaid contributions to the
  fund.
2023 New York Laws › BNK - Banking › Article 6-C - Mutual Holding Companies › 290 - Authorization of the Formation of Mutual Holding Companies.

§ 290.  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 bank may
  reorganize  so  as  to  cause  its  deposit-taking and one or more other
  activities to be conducted by a  stock  savings  bank  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 bank subsidiary of the mutual holding
  company shall be subject to the same provisions of this chapter as apply
  to savings banks 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 6-C - Mutual Holding Companies › 293 - Mutual Holding Company Powers.

§ 293.  Mutual  holding  company  powers.  1.  Upon the formation of a
mutual holding company by a mutual savings bank:
(a) except as provided pursuant to the provisions of  subdivision  two
of  this  section,  the  mutual  holding  company  shall possess all the
rights, powers and privileges, except deposit-taking powers,  and  shall
be  subject  to all the limitations, not inconsistent with this article,
of a mutual savings bank under articles six and sixteen of this chapter.
(b) the mutual holding company shall be  subject  to  the  limitations
imposed  by  the  Bank  Holding Company Act of 1956 (title twelve United
States Code Section 1841, et seq.) or, in the case of a  mutual  holding
company  resulting  from  the reorganization of a savings bank which has
elected either prior or subsequent to such reorganization to be  treated
as  a savings association as that term is defined in title twelve United
States Code Section 1467a, such mutual holding company shall be  subject
to  the  limitations  imposed  by  the  savings and loan holding company
provisions of the Home Owners Loan Act (title twelve United States  Code
Section 1467a).
2.  Notwithstanding any inconsistent provisions of section fourteen-e,
six hundred, six hundred one, six hundred one-a or six hundred one-b  of
this  chapter,  subject  to  regulations of the superintendent, a mutual
holding company may:
(a) merge with, acquire or purchase the assets  of  a  mutual  holding
company  established  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);
(b) acquire or purchase the assets or stock of a stock savings bank, a
stock  savings  and  loan association, a stock federal savings bank or a
stock federal savings and loan association;
(c)  acquire  a  mutual  savings  bank,  a  mutual  savings  and  loan
association,  a  federal mutual savings bank or a federal mutual savings
and loan association through the merger of such institution with a stock
subsidiary of such mutual holding company;
(d) engage  in  any  other  acquisition  or  combination  specifically
permitted  by regulations of the superintendent; provided, however, that
any such regulation shall only authorize activities which are authorized
by the provisions of the Bank Holding Company Act of 1956,  as  amended,
(title  twelve  United  States  Code,  Section  1841,  et  seq.) and the
provisions applicable, to mutual holding companies under the Home Owners
Loan Act, as amended, (title twelve United States Code,  Section  1467a)
and  any  regulations  or  rules  of  the  Federal Reserve Board and the
federal Office of Thrift Supervision pursuant thereto, respectively,  to
the  extent  such  authorized  activities  are  not otherwise limited or
prohibited by this chapter.
2023 New York Laws › BNK - Banking › Article 6-C - Mutual Holding Companies › 294 - Conversion of Mutual Holding Company Into Stock Holding Company.

§ 294.  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  depositors 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 two hundred ninety-one of this article shall  apply  to  such
meeting.  For  the  purpose  of  this subdivision, the term "depositors"
shall mean those depositors as of a record date, of a stock savings bank
subsidiary of the mutual holding company which:
(a) was organized as a  result  of  the  reorganization  of  a  mutual
savings  bank as provided in section two hundred ninety 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 8 - Safe Deposit Companies. › 317 - General Powers.

§ 317.  General  powers.  Every safe deposit company shall, subject to
  the limitations and restrictions contained in  this  article,  have  the
  power:
1.  To  receive  upon  deposit  as  bailee for storage, upon terms and
  conditions to be  prescribed  by  the  safe  deposit  company,  personal
  property and papers of any kind.
2.  To  engage  in  the  safe deposit business by renting vaults, safe
  deposit boxes and other receptacles upon premises occupied by  the  safe
  deposit  company  upon such terms and conditions as may be prescribed by
  the safe deposit company.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 318 - Branch Offices.

§ 318.  Branch  offices.  Any safe deposit company having a capital of
  one hundred thousand  dollars  or  more  may,  in  accordance  with  the
  provisions  of  article  two  of  this chapter, be permitted to open and
  maintain a branch office or branch offices in the city or village  where
  its principal office is located.
Any  safe  deposit  company  having  a capital of one hundred thousand
  dollars or more, the majority of stock of which is owned  by  any  other
  banking  organization  or  a  national  bank may, in accordance with the
  provisions of article two of this chapter,  be  permitted  to  open  and
  maintain   a   branch  office  at  a  location  at  which  such  banking
  organization or national bank is maintaining a  duly  authorized  branch
  office.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 319 - Limitations Upon the Powers of Safe Deposit Companies.

§ 319. Limitations upon the powers of safe deposit companies.
No safe deposit company shall:
1.  Lend  money,  or  make  any  advance,  on any property left in its
  possession, or belonging to others.
2. Open or maintain any branch offices, except as provided in  section
  three hundred and eighteen of this article.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 320 - Books and Records.

§ 320. Books and records. Every safe deposit company shall conform its
  methods  of  keeping  its  books  and  records to such orders in respect
  thereto as shall have been made and promulgated  by  the  superintendent
  pursuant  to  the  provisions  of  article two of this chapter. Any safe
  deposit company that refuses or neglects to obey  such  order  shall  be
  subject  to  a  penalty  of  an amount as determined pursuant to section
  forty-four of this chapter for each day it so refuses or neglects.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 321 - Change of Location; Change of Designation of Principal Office.

§ 321.  Change of location; change of designation of principal office.
  Any  safe  deposit  company  may  make  a  written  application  to  the
  superintendent  for  leave  to  change its place or one of its places of
  business to any place  at  which  it  could  be  authorized,  under  the
  provisions  of this chapter, to open and maintain a branch office or for
  leave to change the designation of its  principal  office  to  a  branch
  office and to change the designation of one of its branch offices to its
  principal  office.  The  application  shall  state  the reasons for such
  proposed change, and shall be accompanied by  a  copy  of  a  resolution
  authorizing  the  making  of  the  application, certified by a principal
  officer of the safe deposit company to have been adopted by  vote  of  a
  majority  of  its  entire board of directors at a meeting of such board,
  duly convened and held, as well as by a fee as  prescribed  pursuant  to
  section eighteen-a of this chapter. If the proposed place of business is
  within  the  limits  of  the  village,  borough or city if in a city not
  divided into boroughs, in which the  place  of  business  sought  to  be
  changed is located, such change may be made upon the written approval of
  the  superintendent.  If  the  proposed place of business is beyond such
  limits, notice of intention  to  make  such  application,  signed  by  a
  principal  officer of the safe deposit company shall be published once a
  week for two successive weeks in a newspaper to  be  designated  by  the
  superintendent  for  the  purpose,  in accordance with the provisions of
  article two of this chapter.  If  the  superintendent  shall  grant  his
  certificate  authorizing  the change of location, as provided in article
  two of this chapter, the safe deposit company may, upon or after the day
  specified in the certificate, remove its property  and  effects  to  the
  location designated therein.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 323 - Assessment of Stockholders to Make Good Impairment of Capital; Sale of Stock.

§ 323.  Assessment of stockholders to make good impairment of capital;
  sale of stock.
Whenever the superintendent shall have made requisition upon any  safe
  deposit  company  pursuant  to  the  provisions  of  article two of this
  chapter to make good the amount of an impairment  of  its  capital,  the
  directors  of  the safe deposit company shall immediately give notice of
  such requisition to each stockholder of the  amount  of  the  assessment
  which  he  must pay for the purpose of making good such deficiency, by a
  written or printed notice mailed to such stockholder  at  his  place  of
  residence,  or  served  personally  upon  him.  If any stockholder shall
  refuse or neglect to pay the assessment specified in such notice  within
  sixty  days  from  the  date thereof, the directors of such safe deposit
  company shall have the right to sell to the  highest  bidder  at  public
  auction  the  stock of such stockholder, after giving previous notice of
  such sale once a week for two successive weeks in a newspaper of general
  circulation in the county  where  the  principal  office  of  such  safe
  deposit  company  is located; or such stock may be sold at private sale,
  and without such published notice, provided, however, that before making
  a private sale thereof an offer in writing to purchase such stock  shall
  first be obtained, and a copy thereof served upon the owner of record of
  the  stock  sought  to be sold either personally or by mailing a copy of
  such offer to such owner at  his  place  of  residence  or  the  address
  furnished  by  him to the safe deposit company; and if, after service of
  such offer, such owner  shall  still  refuse  or  neglect  to  pay  such
  assessment  within two weeks from the time of service of such offer, the
  said directors may accept such offer and sell such stock to  the  person
  or persons making such offer, or to any other person or persons making a
  larger  offer  than  the  amount  named  in  the offer submitted to such
  stockholder; but said stock shall in no event be sold for a smaller  sum
  than  the amount of the assessment called for and the necessary costs of
  sale. Out of the avails of the stock sold the directors  shall  pay  the
  necessary  costs  of  sale  and  the amount of the assessment called for
  thereon. The balance, if any, shall be paid to  the  person  or  persons
  whose stock has been thus sold. A sale of stock as herein provided shall
  effect  an  absolute  cancellation  of  the  outstanding  certificate or
  certificates evidencing the stock so sold, and  shall  render  the  same
  null  and  void and a new certificate or certificates shall be issued to
  the purchaser or purchasers of said stock.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 327 - Use of Sign or Words Indicating Safe Deposit Company by Unauthorized Persons Prohibited.

§ 327.  Use  of  sign  or  words  indicating  safe  deposit company by
  unauthorized persons  prohibited.  1.  No  entity,  other  than  a  duly
  chartered safe deposit company, shall make use of any office sign at the
  place where such business is transacted having thereon any artificial or
  corporate  name,  or other words indicating that such place or office is
  the place of business or office of a safe deposit company; nor shall any
  such entity make use of or circulate any letterheads,  billheads,  blank
  forms,  notes,  receipts,  certificates,  circulars,  or  any written or
  printed or partly written and  partly  printed  paper  whatever,  having
  thereon  any  artificial  or  corporate  name,  or  other word or words,
  indicating that such business is the business of a safe deposit company.
2. Nothing in this section shall be  deemed  to  prevent  any  banking
  organization,  foreign  banking  corporation duly licensed to maintain a
  branch in the state, national bank, federal savings and loan association
  or federal savings bank from engaging in the safe  deposit  business  in
  this state.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 328 - Communications From Department of Financial Services Must Be Submitted to Directors and Noted in Minutes.

§ 328.  Communications  from  department of financial services must be
  submitted  to  directors  and   noted   in   minutes.   Every   official
  communication  as  defined  in article two of this chapter directed to a
  safe deposit company or to any officer thereof shall  be  submitted,  by
  the  officer receiving it, to the board of directors at the next meeting
  of such board, and duly noted in the minutes of  the  meetings  of  such
  board.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 329 - Reports to Superintendent; Penalty for Failure to Make.

§ 329.  Reports  to superintendent; penalty for failure to make. On or
  before the first day of  February  in  each  year,  every  safe  deposit
  company  shall  make a written report to the superintendent of financial
  services which shall contain a statement of its condition on the morning
  of the first day of January in said year. Every  such  report  shall  be
  subscribed  and  affirmed  as  true  under  the  penalties  of  perjury,
  according to the  best  of  their  knowledge  and  belief,  by  the  two
  principal  officers in charge of the affairs of the safe deposit company
  at the time of such subscription and shall state that the usual business
  of the safe deposit company has been transacted at the location required
  by this article and not elsewhere.
Every safe deposit company shall also make such other special  reports
  to  the  superintendent as he may from time to time require, which shall
  be in such form and filed at such date  as  may  be  prescribed  by  the
  superintendent and shall, if required by him, be subscribed and affirmed
  as true under the penalties of perjury.
If  any safe deposit company shall fail to make any report required by
  this section on or before the day designated for the making thereof,  or
  shall fail to include therein any matter required by the superintendent,
  it  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 matter, unless the time therefor shall
  have been extended by the superintendent as provided in article  two  of
  this chapter.
2023 New York Laws › BNK - Banking › Article 8 - Safe Deposit Companies. › 330 - Liability of Safe Deposit Company for Assessments by Superintendent.

§ 330.   Liability   of   safe  deposit  company  for  assessments  by
  superintendent.  When  the  superintendent,  pursuant  to   the   powers
  conferred  on  him by article two of this chapter, shall have levied any
  assessment upon any safe deposit company and shall  have  duly  notified
  such  safe deposit company of the amount thereof, the amount so assessed
  shall become a liability of and shall  be  paid  by  such  safe  deposit
  company to the superintendent.