2023 New York Laws › BNK - Banking › Article 3 - Banks and Trust Companies › 104 - Entries in Books; Restrictions; Amortization of Securities.

§ 104.  Entries in books; restrictions; amortization of securities. 1.
  No bank or trust company 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,  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 and other interest-bearing  securities  purchased
  by  a  bank or trust company shall be entered on its books at the actual
  cost thereof, and shall not thereafter be carried upon the  books  at  a
  valuation  exceeding  their  cost  as  adjusted  by amortization for the
  purpose of bringing them to par at maturity except that the same may  be
  carried  at  cost  if appropriate amortization reserve is set up for the
  purpose of bringing them to par at maturity. Where securities  purchased
  at  a  premium  are callable prior to maturity, the rate of amortization
  thereof shall be increased where  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;
  provided, however, that no adjustment for amortization  or  amortization
  reserve  shall  be  required  to  be  made  on the books except when net
  profits are computed. 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 bank or trust company shall, except with the written approval of
  the  superintendent, 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 to such bank or trust company,
  or carry such real estate,  building  or  buildings,  fixtures,  vaults,
  furniture  or  equipment  at  a valuation exceeding the actual cost less
  appropriate allowances for depreciation except  that  the  same  may  be
  carried at cost if appropriate depreciation reserve is set up; provided,
  however, no adjustment for depreciation or depreciation reserve shall be
  required to be made on the books except when net profits are computed.
4.  Real  estate  acquired by a bank or trust company, other than that
  acquired for use as a place of business, shall be entered on  the  books
  of the bank or trust company in conformity with the method of accounting
  for  troubled  debt  restructurings approved by the financial accounting
  standards boards or such other method of accounting as may be authorized
  or required by rules and regulations of the superintendent of  financial
  services.
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 bank or  trust  company  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 bank and every trust 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 article
  two  of this chapter. Any bank or trust company that refuses or neglects
  to obey 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.
6. Every bank and every trust company holding any funds or money  paid
  into  court  shall  keep records in which it shall make an exact account
  thereof,  including  appropriate  references  to  the  order  or  orders
  pursuant to which such funds are held.