2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 384 - Entries in Books; Restrictions; Amortization of Securities.

§ 384.  Entries in books; restrictions; amortization of securities. 1.
  No savings and loan association shall by any system of accounting or any
  device of bookkeeping, directly or indirectly, enter any of  its  assets
  upon   its   books  in  the  name  of  any  individual,  partnership  or
  unincorporated association or of any other  corporation,  or  under  any
  title  or  designation  that is not truly descriptive thereof, except as
  authorized by the provisions of this article.
2. The stocks, bonds or other interest-bearing  obligations  purchased
  by  a  savings and loan association shall be entered on its books at the
  actual cost thereof, and shall not thereafter be carried upon its  books
  at  a valuation exceeding their cost as adjusted by amortization for the
  purpose of bringing them  to  par  at  maturity;  and  where  securities
  purchased  at  a  premium  are  callable  prior to maturity, the rate of
  amortization thereof shall be increased when necessary to such extent as
  shall reduce the amount at which such securities are  carried  upon  the
  books  to  the  call price at the date or dates upon which a call may be
  made. No adjustment for amortization shall be required to be made on the
  books, except when the books are closed for  the  purpose  of  computing
  profits.  The  superintendent may by regulation vary the requirements of
  this subdivision to permit the amortization of premiums at the same rate
  as that required by federal tax statutes or regulations.
3. No savings and loan association, without the written permission  of
  the  superintendent,  shall  enter  on its books its real estate and the
  building or buildings thereon, or its fixtures,  vaults,  furniture  and
  equipment,  at  a  valuation  exceeding  the actual cost thereof to such
  savings and loan association, or carry such  real  estate,  building  or
  buildings,  fixtures,  vaults,  furniture or equipment on its books at a
  valuation exceeding the actual  cost  less  appropriate  allowances  for
  depreciation.  No  adjustment  for  depreciation shall be required to be
  made on the books except when the books are closed for  the  purpose  of
  computing profits.
4. Real estate acquired by an association other than that acquired for
  use  as  a  place  of  business,  shall  be  entered on the books of the
  association in conformity with the method  of  accounting  for  troubled
  debt restructurings approved by the financial accounting standards board
  or  such  other method of accounting as may be authorized or required by
  rules and regulations of the superintendent.
The  provisions  of  this  subdivision  shall  not,  except   as   the
  superintendent may otherwise require, apply to any parcel of real estate
  as to which the savings and loan association has exercised its option to
  transfer  or  convey  such real estate to the veterans administration or
  the federal housing commissioner pursuant to insurance or guaranty.
5. Every savings and loan association  shall  conform  its  method  of
  keeping its books and records to such orders in respect thereto as shall
  have  been  made  and promulgated by the superintendent. Any savings and
  loan association that refuses or neglects to obey any such  order  shall
  be  subject  to a penalty in an amount as determined pursuant to section
  forty-four of this chapter for each day it so refuses or neglects.