reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Investments and Redemptions › Section 50.30 - Basis and time of investments and redemptions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For the purpose of investment and
				  redemption of shares of the mutual trust investment company, the principal of
				  the fund shall be determined by adding to the value of the investments, as
				  determined in accordance with the provisions of sections
				  50.20  -50.22 of
				  this Part, the uninvested cash principal and other items of principal, and by
				  deducting from the total thereof any liabilities, due or accrued, chargeable to
				  principal. For the purpose of computing the value per share, the principal thus
				  determined shall be divided by the number of existing shares and such share
				  value, together with a sum equal to the proportionate share of any income held
				  or accrued and remaining undistributed at the valuation date, shall be the
				  basis for investment in and redemption of shares of the mutual trust investment
				  company. In determining the value of a share, fractions less than one-hundredth
				  percent of the original share value may be omitted. No investment in or
				  redemption from the mutual trust investment company shall be permitted except
				  on the basis of such valuation and as of such valuation date. A reasonable
				  period, not to exceed seven calendar days, following each valuation date may be
				  used to make the computations necessary to determine the value of the fund and
				  of the shares therein. No investment in or redemption from the mutual trust
				  investment company shall be permitted unless a written request for, or notice
				  of intention of, taking such action as of a specified valuation date shall have
				  been received by the transfer agent for the mutual trust investment company
				  shares on or before the last business day prior to the specified valuation
				  date.
(b) When redemptions of
				  shares are made by the mutual trust investment company, distributions may be
				  made in cash or rateably in kind, or partly in cash and partly rateably in
				  kind, provided that all distributions as of any one valuation date shall be
				  made on the same basis. Before any distribution in cash is made, the mutual
				  trust investment company shall determine whether any investment remaining in
				  the mutual trust investment company has ceased to be eligible as a new
				  investment of such mutual trust investment company, and no distribution shall
				  be made in cash until any such investment shall have been eliminated from the
				  mutual trust investment company either through sale, distribution in kind, or
				  segregation as provided in sections
				  50.50 
				  -50.52 of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Investments and Redemptions › Section 50.31 - Distribution of income

Current through Register Vol. 46, No. 28, July 10, 2024
The income of the mutual trust investment company shall be
					 computed on the accrual basis and the apportionment of income shall be
					 determined at each valuation date. The income shall be distributed to
					 shareholders not less frequently than quarter-annually, either on the basis of
					 income accrued or on the basis of income actually received. To facilitate the
					 distribution of accrued but uncollected income, the cash principal of the
					 mutual trust investment company may be used to the extent necessary to purchase
					 income accrued.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Investments and Redemptions › Section 50.32 - Periodic statement

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Within 10 business days after any valuation date, the mutual trust investment
				  company shall cause to be prepared, as of the opening of business on such
				  valuation date, a statement of condition of the mutual trust investment company
				  on the basis of such valuation, showing separately the items of principal and
				  income, and containing a memorandum of the following:
(1) the number of shares
				  outstanding;
(2) the value per
				  share; and
(3) the income per share
				  since the preceding valuation date.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Limitations › Section 50.40 - Investments of mutual trust investment company

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A mutual trust investment company may
				  invest only in such investments as are legal investments for fiduciaries under
				  the Estates, Powers and Trusts Law, section
				  11-2.2(a)(1).
(b) No investment for the mutual trust
				  investment company shall be made in stocks or bonds or other obligations of any
				  one person, firm or corporation which would cause the total amount of
				  investment in stocks or bonds or other obligations issued or guaranteed by such
				  person, firm or corporation to exceed 10 percent of the value of the mutual
				  trust investment company as determined by the board of directors, provided that
				  this limitation shall not apply to investments in obligations of the United
				  States or obligations for which the faith of the United States is pledged for
				  the payment of the principal and interest.
(c) No investment by the mutual trust
				  investment company shall be made in the shares of stock of any one corporation
				  which would cause the total number of such shares held by the mutual trust
				  investment company to exceed five percent of the number of such shares
				  outstanding.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Limitations › Section 50.41 - Investments in mutual trust investment company

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No funds of any estate, trust or fund
				  shall be invested in a mutual trust investment company if such investment would
				  result in such estate, trust or fund having invested therein an aggregate
				  amount in excess of 10 percent of the assets of the mutual trust investment
				  company, provided that such limitation shall not apply to subscriptions made
				  within a period of six months after the first public offering of stock by such
				  company. In applying the limitation contained in this subdivision, if two or
				  more trusts are created by the same settlor or settlors and as much as one half
				  of the income or principal or both of each trust is, at the time such
				  investment is to be made, payable to, or applicable to the use of, the same
				  person or persons, such trusts shall be considered as one. For the purposes of
				  this section, income or principal shall, at any given time, be deemed payable
				  to, or applicable to the use of, a person or persons if, under the terms of the
				  will or other trust instrument:
(1) the same
				  is then so payable or applicable; or
(2) such person has, or such persons have, a
				  then exercisable power to cause the same to become payable to, or applicable to
				  the use of, himself or themselves. In determining, for the purposes of this
				  section, whether a power is exercisable at a particular time, no account shall
				  be taken of any period for the giving of notice, or for the completion of any
				  other formality, before such power can be exercised or the exercise thereof can
				  become effective. In determining whether the value of the interest of an
				  estate, trust or fund is more than 10 percent of the value of the assets of the
				  mutual trust investment company, the computation shall be made with respect to
				  the mutual trust investment company as increased by the amount of the proposed
				  investment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Limitations › Section 50.42 - True fiduciary purposes

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  operation of the mutual trust investment company for other than true fiduciary
				  purposes is hereby prohibited. The mutual trust investment company shall not
				  permit any funds of any trust to be invested if it has reason to believe that
				  such trust was not created or is not being used for true fiduciary
				  purposes.
(b) Shares of stock of a
				  mutual trust investment company shall not be sold, transferable to or owned by
				  any person other than a trust company or a bank having trust powers organized
				  under the laws of the State of New York, or a national bank having trust powers
				  and having its principal office in the State of New York, acting in a fiduciary
				  capacity, or nominees of such corporate fiduciaries or of individual
				  cofiduciaries and serving with such trust companies or banks, except that
				  shares may be owned, to the extent required by law, by the incorporators of
				  such mutual investment company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Liquidating Account › Section 50.50 - Transfer of investment to liquidating account

Current through Register Vol. 46, No. 28, July 10, 2024
The mutual trust investment company shall cause to be
					 transferred to a liquidating account each investment held by it which has
					 ceased to be eligible and which remains ineligible at a valuation date as a new
					 investment before issuance or redemption of shares of the mutual trust
					 investment company. The mutual trust investment company in its discretion may
					 cause to be so transferred any other investment which it deems advisable to
					 distribute in kind or to liquidate for the benefit of the participants entitled
					 thereto.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Liquidating Account › Section 50.51 - Schedule of interests in liquidating account

Current through Register Vol. 46, No. 28, July 10, 2024
At the time of the creation of each liquidating account,
					 the mutual trust investment company shall cause to be prepared a schedule
					 showing the interest of every stockholder therein. When the assets of such
					 liquidating account shall have been completely distributed, such schedule shall
					 be thereafter held as part of the permanent records of the mutual trust
					 investment company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Liquidating Account › Section 50.52 - Effect of transfer of investment to liquidating account

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of subsequent investments in and
					 redemptions of shares of the mutual trust investment company, the value of any
					 investment transferred to a liquidating account shall be
					 excluded.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Termination › Section 50.60 - Action of board of directors

Current through Register Vol. 46, No. 28, July 10, 2024
The board of directors of the mutual trust investment
					 company, in its discretion, may direct by resolution the termination of the
					 corporation. A copy of such resolution, certified by the secretary of the
					 mutual trust investment company, shall be transmitted to the superintendent
					 within two bank business days after it adoption.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Termination › Section 50.61 - Direction of banking board

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Board, upon recommendation of the
					 superintendent, may direct by a three-fifths vote of all its members the
					 termination of any mutual trust investment company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Termination › Section 50.62 - Effect of termination

Current through Register Vol. 46, No. 28, July 10, 2024
After the adoption of a resolution by the board of
					 directors or the receipt of notice from the Banking Board directing the
					 termination of any mutual trust investment company, all shares shall be
					 redeemed in the same manner as if it were a liquidating
					 account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Miscellaneous › Section 50.70 - Mutual trust investment company to be audited annually

Current through Register Vol. 46, No. 28, July 10, 2024
A mutual trust investment company shall, at least once
					 during each 12-month period, cause an audit to be made by auditors responsible
					 only to its board of directors. The report of such audit shall include a list
					 of the investments owned by the mutual trust investment company at the time of
					 the audit, which shall show the valuation placed on each item on such list by
					 the mutual trust investment company as of the date of the audit, a statement of
					 purchases, sales and any other investment changes and of income and
					 disbursements since the last audit, and appropriate comments as to any
					 investments in default as to payment of principal or
					 interest.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Miscellaneous › Section 50.71 - Inspection of records by persons interested

Current through Register Vol. 46, No. 28, July 10, 2024
All accounting records, registers of participation,
					 valuation schedules, periodic statements, audits under the plan and liquidating
					 account records pertaining to the mutual trust investment company shall be
					 subject to inspection, during banking business hours on the three business days
					 commencing with the 11th business day next succeeding any valuation date, by
					 any record holder of stock or by any corporate or individual co-fiduciary for
					 which the record holder is nominee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 50 - Mutual Trust Investment Companies › Miscellaneous › Section 50.72 - Effect of mistakes

Current through Register Vol. 46, No. 28, July 10, 2024
No mistakes made in good faith and despite the exercise of
					 due care shall be deemed to be a violation of this Part if after the discovery
					 of the mistake the mutual trust investment company takes promptly whatever
					 action may be practicable in the circumstances to remedy the
					 mistake.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 51 - Pledge Of Assets By Foreign Banking Corporations In New York › Section 51.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part:
(a) the term foreign branch means a branch of
				a foreign banking corporation licensed pursuant to article II of the Banking
				Law;
(b) the term foreign agency
				means an agency of a foreign banking corporation licensed pursuant to article
				II of the Banking Law;
(c) the term
				depository means a bank or trust company or private banker or national bank in
				the State of New York or the Federal Reserve Bank of New York;
(d) the term deposit agreement means an
				agreement executed between a foreign branch or foreign agency and one or more
				depositories and approved by the Superintendent of Banks;
(e) the term department means the New York
				State Banking Department; and
(f)
				the term superintendent means the Superintendent of Banks of the State of New
				York.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 51 - Pledge Of Assets By Foreign Banking Corporations In New York › Section 51.2 - General provisions and requirements of deposit agreements

Current through Register Vol. 46, No. 28, July 10, 2024
No deposit by a foreign branch or foreign agency with a
				  depository pursuant to section 202-b (1)  of the Banking
				  Law shall be made until the foreign branch or foreign agency and the depository
				  shall have executed a deposit agreement satisfactory to the superintendent. The
				  deposit agreement, in addition to any other terms and considerations not
				  inconsistent herewith, shall contain the following provisions:
(a) Securities and funds to be held as
				special deposit. Securities and funds deposited by a foreign branch or foreign
				agency with a depository under the deposit agreement shall be held by the
				depository as a special deposit free of any lien, charge, right of set-off,
				credit or preference in connection with any claim of the depository against the
				foreign branch or foreign agency. The depository shall not accept, as a deposit
				by the foreign branch or foreign agency pursuant to the deposit agreement, any
				asset that is not accompanied by documentation necessary to facilitate transfer
				of title.
(b) Depository to furnish
				receipt. The depository shall furnish to the foreign branch or foreign agency,
				upon the deposit of any securities or funds pursuant to the deposit agreement,
				a receipt or statement evidencing such deposit. Such receipt or statement shall
				identify the deposit as having been made by the foreign branch or foreign
				agency pursuant to section 202-b (1)  of the Banking
				Law and under the deposit agreement, and it shall provide the amount of the
				deposit and, with respect to deposits of securities, a description of each
				security so deposited.
(c) Release
				of securities by depository. The depository shall release deposited securities,
				in connection with their substitution or otherwise, or funds to the foreign
				branch or foreign agency upon written request:
(1) when accompanied by a certificate, as
				described in subdivision (e) of this section, signed by a duly authorized
				officer of the foreign branch or foreign agency; or
(2) upon receipt of a written order of the
				superintendent, to release to the foreign branch or foreign agency such part of
				the securities or funds on deposit under such conditions and terms as the order
				may specify.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 51 - Pledge Of Assets By Foreign Banking Corporations In New York › Section 51.3 - Requirements applicable to foreign branches and foreign agencies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Retention of
				receipts or statements. Each foreign branch and foreign agency shall retain
				until completion of its next examination the originals of all receipts or
				statements obtained from a depository pursuant to section
				51.2(b) 
				of this Part. Copies of withdrawal requests and the certificate provided for in
				section
				51.2(c)(1) 
				of this Part shall be retained by the foreign branch or foreign agency for the
				same period of time.
(b) Withdrawal
				request and certificate. Coincident with any withdrawal request, the foreign
				branch or foreign agency shall furnish to the superintendent a copy of the
				withdrawal request and the certificate provided for in section
				51.2(c)(1) 
				of this Part.
(c) Data supported by
				daily record. The amount of securities and/or funds remaining on deposit and
				the amount of "liabilities requiring cover" as certified pursuant to section
				51.2(c)(1) 
				of this Part shall be supported by data contained in the daily record required
				to be maintained pursuant to section
				322.5 
				of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 51 - Pledge Of Assets By Foreign Banking Corporations In New York › Section 51.4 - Miscellaneous provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Reliance on written communication of department. For the purposes of the
				deposit agreement, the foreign branch, the foreign agency and the depository
				shall accept and rely upon, as an order of the superintendent, any written
				communication with the seal of the department affixed thereto, and signed:
(1) by the superintendent;
(2) by a deputy superintendent of banks;
				or
(3) by any two employees jointly
				of the department whom the superintendent may designate, to the depository, the
				foreign branch or the foreign agency (whichever is the addressee of such
				communication).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 52 - Maintenance Of Assets By Licensed Foreign Banks In New York › Section 52.1 - Maintenance of assets

Current through Register Vol. 46, No. 28, July 10, 2024
The amount of eligible assets (as such term is defined in
				  superintendent's regulations section
				  322.3), which is
				  to be held by a foreign banking corporation licensed pursuant to article II of
				  the Banking Law to maintain one or more branches or agencies in this State, is
				  established at zero percentum of its liabilities appearing in the books,
				  accounts and records of its agency, agencies, branch or branches in this State
				  as liabilities of such agency, agencies, branch or branches, provided that the
				  superintendent may impose specific asset maintenance requirements in cases
				  where he deems it necessary for the protection of the public interest and the
				  interest of depositors and creditors, and provided further that the
				  superintendent in specific cases may impose such other requirements as he deems
				  necessary in order to effectuate the purpose of the provisions of Banking Law
				  section 202-b.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 52 - Maintenance Of Assets By Licensed Foreign Banks In New York › Section 52.2 - Statement of policy

Current through Register Vol. 46, No. 28, July 10, 2024
Whether or not the foreign banking corporation is required to
				  maintain eligible assets pursuant to the provisions of this Part, it is hereby
				  declared to be the policy of the Banking Board that the foreign banking
				  corporation shall maintain at the branch or agency the evidence of
				  indebtedness, or other documentation, for any asset which appears in the books,
				  accounts and records of that branch or agency as an asset of such branch or
				  agency.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 59 - Designation Of Rating Services › Section 59.1 - Mortgage pass-through certificates

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of Retirement and Social Security Law,
				  section
				  177-c, the Banking Board hereby designates
				  Moody's Investors Services, Inc., Standard & Poor's Corporation and Fitch
				  Investors, Service, Inc.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 61 - Designations Under Banking Law Section 235 › Section 61.1 - Commercial paper

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of Banking Law section 235 (12-a) (a), the
				  Banking Board hereby designates Moody's Investors Service, Standard &
				  Poor's Corporation, Fitch Investors Service, Inc. and Duff and Phelps,
				  Inc.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 61 - Designations Under Banking Law Section 235 › Section 61.2 - Interest-bearing obligations

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of Banking Law section 235 (21-a), the
				  Banking Board hereby designates Moody's Investors Service, Standard &
				  Poor's Corporation, Fitch Investors Service, Inc. and Duff and Phelps,
				  Inc.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 62 - Investments In Housing And Urban Development Projects › Section 62.2 - Rental housing projects

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Definitions. As used in this section,
(1) the
				term housing project means a multi-family rental, cooperative or condominium
				housing project which:
(i) is financed, at
				least in part, under municipal, State or Federal programs providing grants, tax
				incentives or other forms of financial assistance other than mortgage loans
				insured or guaranteed by the Federal government; or
(ii) is financed, at least in part, by
				conventional mortgage loans or mortgage loans insured or guaranteed by the
				Federal government, is designed to provide a minimum of 35 dwelling units, and
				is designed to provide dwelling space at a maximum monthly charge per room of
				$70; and
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 62 - Investments In Housing And Urban Development Projects › Section 62.3 - Investments by service agencies in urban development projects

Current through Register Vol. 46, No. 28, July 10, 2024
A corporation organized under the laws of this State, all of
				  the stock of which is owned by not less than 20 savings banks or all of the
				  stock of which is owned by not less than 20 savings and loan associations or
				  Federal savings and loan associations in New York State (hereinafter referred
				  to as a "service agency"), may invest directly, or through any one or more
				  wholly-owned subsidiary corporations, in the stock of certain corporations and
				  in certain other entities to the following extent:
(a) stock of any other corporation eligible
				for investment by savings banks under Banking Law, section
				235(21)(a)(1) and
				(1-a);
(b) stock of any other
				corporation whose bonds, notes or other evidences of indebtedness are eligible
				for investment by savings banks under Banking Law, section
				235(28), the New York State
				Urban Development Corporation Act, section 23, or the New York State Urban
				Development and Research Corporation Act, section 18;
(c) stock of any other corporation whose
				bonds, notes or other evidences of indebtedness are eligible for investment by
				savings banks under Banking Law, section
				23 5, and which is organized and operated to
				acquire, construct, reconstruct, rehabilitate, improve, alter or repair or
				provide for the construction, reconstruction, improvement, alteration or repair
				of, or sell, lease or otherwise dispose of any "residential", "industrial",
				"land use improvement" or "civic project" or any combination thereof (as such
				terms are defined in the New York State Urban Development Corporation Act)
				located in this State which are financed, at least in part, under municipal,
				State or Federal programs providing grants, tax incentives or other forms of
				financial assistance, provided that:
(1) the
				investment in such stock shall not exceed that which a single savings bank
				would be permitted to make under Banking Law, section
				235, or, if a savings bank would not be so
				permitted to invest in such stock; then
(2) the investment in the stock of any such
				corporation shall not exceed the lesser of one- tenth of one percent of the
				assets or one percent of the capital, surplus, undivided profits and reserves
				of the service agency making such investment and the investment in the stock of
				all such corporations shall not exceed the lesser of one percent of the assets
				or 10 percent of the capital, surplus, undivided profits and reserves of such
				service agency; and
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.1 - Investments in securities of trust company or other corporation wholly owned by savings banks

Current through Register Vol. 46, No. 28, July 10, 2024
Savings banks may invest in the capital stock, capital notes
				  and debentures of any trust company and of any other corporation organized
				  under the laws of this State, provided all the stock of such trust company or
				  corporation is owned by not less than 20 savings banks and subject to the
				  further conditions set forth in sections
				  63.2,
				  63.3
				  and
				  63.4 
				  of this Part. For the purposes of this Part, such a trust company is referred
				  to as a "savings banks trust company" and such a corporation is referred to as
				  a "service agency"
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.2 - Investments in savings banks trust company

Current through Register Vol. 46, No. 28, July 10, 2024
No savings bank shall invest in the capital stock, capital
				  notes and debentures of a savings banks trust company if the aggregate amount
				  of it investments in such securities, including the proposed investment, would
				  exceed two and one-half percent of the total assets of such savings bank as of
				  the date of such investment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.3 - Investments in the capital stock of a service agency

Current through Register Vol. 46, No. 28, July 10, 2024
No savings bank shall invest in the capital stock of a
				  service agency if the aggregate amount of its investments in such stock,
				  including the proposed investment, would exceed three tenths of one percent of
				  the total assets of such savings bank as of the date of such
				  investment.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.4 - Investments in the capital notes or debentures of a service agency

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No savings bank
				shall invest in the capital notes or debentures of a service agency if the
				aggregate amount of its investment in such notes and debentures, including the
				proposed investment, would exceed the greater of two percent of the total
				assets of such savings bank as of the date of such investment or
				$20,000.
(b) Nor shall any savings
				bank invest in such capital notes or debentures unless:
(1) such service agency shall have filed with
				the superintendent its written agreement (and shall have complied with the
				terms thereof) subjecting itself to the supervision of the Banking Department
				submitting itself to periodic examinations by the Banking Department at such
				times and in such manner as the superintendent shall provide, and agreeing to
				pay the charges of such examinations assessed against it by the superintendent
				in the same manner as if it were a banking organization organized under the
				laws of New York; and
(2) such
				service agency restricts the investment of its funds to:
(i) investments which savings banks may make
				under the laws of this State excluding, except as permitted by subparagraph
				(ii) of this paragraph, those investments permitted solely by virtue of Banking
				Law, section
				235(21);
(ii) investments in the stock of certain
				corporations and in certain other entities, either directly or through
				investment in the securities of any one or more wholly owned subsidiary
				corporations, which a service agency may make under section
				62.3 
				of Part 62 (relating to housing and urban development projects), subject to the
				limitations thereof;
(iii) bonds
				and mortgages and notes and mortgages or part interests therein, on improved
				and unencumbered real property, including leasehold estates, located in any
				other state of the United States, the District of Columbia or the Commonwealth
				of Puerto Rico, which would qualify as investments for savings banks under the
				laws of this State except for restrictions governing the location of the
				property or the location of the principal office of the holder of any part
				interest;
(iv) investments in plots
				and buildings and related facilities to be used by a savings bank of New York
				State as a branch office, as may be or have been from time to time approved by
				the superintendent, either directly or through the stock and obligations of one
				or more wholly owned subsidiary corporations; and
(v) such other investments as the
				superintendent with the authorization of the Banking Board shall approve in
				writing.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.5 - Investments by savings banks life insurance departments

Current through Register Vol. 46, No. 28, July 10, 2024
The life insurance department of a savings bank may invest in
				  the capital stock, capital notes and debentures of a savings banks trust
				  company or service agency, provided the aggregate amount of its investments in
				  such stock, notes and debentures, including the proposed investment, would not
				  exceed the greater of two percent of the sum of its policy reserves and policy
				  liabilities or $20,000. The term policy reserves and policy liabilities shall
				  have the meaning specified in Banking Law, section 275.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.6 - Investments by savings banks life insurance fund

Current through Register Vol. 46, No. 28, July 10, 2024
Savings banks life insurance fund may invest in the capital
				  stock, capital notes and debentures of a savings banks trust company or service
				  agency, provided the aggregate amount of its investments in such stock, notes
				  and debentures, including the proposed investment, would not exceed the greater
				  of two percent of its total assets or $20,000.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.7 - Transfer of property to a savings banks trust company

Current through Register Vol. 46, No. 28, July 10, 2024
A savings bank may, pursuant to Banking Law, section
				  234(14), transfer to a
				  savings banks trust company, as trustee or agent upon such terms as may be
				  agreed upon, for the purpose of liquidation, discharge, readjustment,
				  improvement or rehabilitation, for the account and the expense of such savings
				  bank, any property, security, investment, bond, mortgage, chose-in-action, or
				  other security of whatever character and, notwithstanding any provision of law
				  relating to the investment of its funds, take and hold any such savings banks
				  trust company's certificate of deposit therefor, and any resulting income,
				  money, property, security, investment, bond, mortgage, chose-in-action or other
				  security of whatever character arising out of the management, liquidation,
				  readjustment, improvement or rehabilitation thereof.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 63 - Investments In Savings Banks Trust Company And Other Savings Banks Service Agencies › Section 63.8 - Revocation, rescission or modification

Current through Register Vol. 46, No. 28, July 10, 2024
Any investment made under this Part may be rendered
				  ineligible for investment at any time by further action of the Banking
				  Board.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 65 - Agreements To Limit Personal Liability On Insured Mortgages › Section 65.1 - Limitation of personal liability of borrowers under bonds and mortgages insured by federal housing commissioner

Current through Register Vol. 46, No. 28, July 10, 2024
A savings bank may agree to limit the personal liability of
				  any individual, or of any trustee, partnership, association, corporation or
				  other organization or legal entity, obligated or to be obligated under any
				  bond, note, mortgage or deed of trust insured by the Federal Housing
				  Commissioner, or for which a commitment to insure has been made by the Federal
				  Housing Commissioner, provided that a savings bank may so agree only if the
				  obligations of the commissioner to the savings bank with respect to such
				  insurance or commitment will not be extinguished, reduced or limited by reason
				  of such agreement.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 66 - Reciprocal Interstate Acquisitions Of Savings And Loan Associations › Section 66.1 - Explanation

Current through Register Vol. 46, No. 28, July 10, 2024
Banking Law, section
				  413, created by chapter 118 of the Laws of
				  1987, provides that with the prior approval of the superintendent, a New York
				  savings and loan holding company or a subsidiary thereof may acquire control of
				  an out-of-state savings and loan holding company or an out-of-state insured
				  institution, and an out-of-state savings and loan holding company or a
				  subsidiary thereof may acquire control of a New York savings and loan holding
				  company or a New York insured institution, subject to regulations to be adopted
				  by the Banking Board. Section 413 further requires that the terms and
				  conditions prescribed by such regulations be substantially similar to those
				  contained in section 142-b  of the Banking Law governing reciprocal interstate
				  acquisitions by bank holding companies.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 66 - Reciprocal Interstate Acquisitions Of Savings And Loan Associations › Section 66.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) insured institution shall have the same
				meaning as in  title 12 United States Code, section 1730  a;
(b) savings and loan holding company shall
				have the same meaning as in  title 12 United States Code section 1730
				 a;[FN*]
(c) New York insured
				institution shall mean an insured institution whose principal office is located
				in this State, and out-of-state insured institution shall mean an insured
				institution whose principal office is located in a state other than this State
				or the District of Columbia; and
(d) New York savings and loan holding company
				shall mean a savings and loan holding company which controls one or more New
				York insured institutions, and 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.
[FN*] For information regarding the United States Code (USC
				  or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see
				  Supervisory Policy G 1.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 66 - Reciprocal Interstate Acquisitions Of Savings And Loan Associations › Section 66.4 - Acquisitions of out-of-state insured institutions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except with the prior approval of the
				superintendent, no savings and loan holding company or subsidiary thereof shall
				acquire control of an out-of-state savings and loan holding company or an
				insured institution, the principal office of which is located in a state other
				than this State or the District of Columbia if the statute laws of the
				jurisdiction of the out-of-state savings and loan holding company of insured
				institution authorized such acquisition because of the provisions of Banking
				Law, section
				413 and this Part.
(b) A savings and loan holding company or
				subsidiary thereof that seeks such approval shall file a written application
				with the superintendent and pay the fee specified in section
				1.2  of
				Supervisory Policy G 1 of this Title. The application shall contain such
				information as the superintendent may deem necessary for the purposes of making
				a determination under this Part.
(c) The superintendent shall deny any
				application submitted for approval pursuant to section
				66.5  of this Part if,
				after notice to and on opportunity to be heard by the applicant, the
				superintendent finds that either:
(1)
(i) the applicant or any of its banking
				subsidiaries located in this State shall have received within the preceding 24
				months an assessment pursuant to the requirements of the Federal Community
				Reinvestment Act of 1977, United States P.L. 95-128, or Banking Law, section
				28-b, indicating that such subsidiary does
				not have an acceptable record of meeting the credit needs of its entire
				community, including low and moderate income neighborhoods, consistent with the
				safe and sound operation of such institution; or
(ii) subsequent to the most recent of such
				assessments as described in subparagraph (i) of this paragraph, an application
				submitted by the savings and loan holding company or any of its banking
				subsidiaries to the superintendent or the banking board or the appropriate
				Federal regulatory agency, which application involves an assessment of the
				savings and loan holding company's or one or more of its banking subsidiaries'
				performance in meeting the credit needs of its community or communities, shall
				not have been approved because of an unacceptable record in meeting such credit
				needs; provided, however, the superintendent may approve any such proposed
				acquisition or control if the agency that makes such assessment indicates that
				it has been corrected or the applicant demonstrates to the satisfaction of the
				superintendent that substantial efforts have been made to comply with the
				requiremets of the Federal Community Reinvestment Act of 1977 or Banking Law,
				section
				28-b; or
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 66 - Reciprocal Interstate Acquisitions Of Savings And Loan Associations › Section 66.5 - Violations

Current through Register Vol. 46, No. 28, July 10, 2024
As provided in Banking Law, section
				  413, violators of this Part shall be subject
				  to the penalties prescribed in Banking Law, section 142-b, specifically:
(a) If a savings and loan holding company or
				subsidiary thereof acquires control of an out-of- state savings and loan
				holding company or insured institution in violation of this Part, the banking
				board, upon three-fifths vote of all the members thereof, shall have the
				authority by order to enjoin or restrain such violation, including authority to
				order the bank holding company or subsidiary to divest any stock acquired in
				violation of such law. Any savings and loan holding company or subsidiary
				thereof which is the subject of an order pursuant to this subdivision may at
				any time within four months of the date of such order apply to the Supreme
				Court in the judicial district in which its principal office is located for an
				order setting aside or modifying the order for good cause shown.
(b) A savings and loan holding company or
				subsidiary, upon order of the Banking Board pursuant to subdivision (a) of this
				section, shall divest any stock of an insured institution or out- of-state
				savings and loan holding company that it has acquired in violation of this Part
				within two years of the date of a divestiture order under subdivision (a) of
				this section, or within two years after such a divestiture order becomes final
				and subject to no further judicial review.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 67 - Payment Of Interest On Day Of Deposit-day Of Withdrawal Accounts In Savings Banks And State-chartered Savings And Loan Associations › Section 67.1 - Minimum balance

Current through Register Vol. 46, No. 28, July 10, 2024
Savings banks and savings and loan associations may require
				  that a minimum balance in a day of deposit-day of withdrawal account be
				  maintained until the end of any dividend or interest period in which a
				  withdrawal from such account is made; provided, however, that any savings bank
				  or savings and loan association requiring a minimum deposit shall so indicate
				  clearly on all passbooks issued for such accounts.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 68 - Investments In Savings And Loan Service Agencies › Section 68.1 - Investments in securities of corporations wholly owned by savings and loan associations

Current through Register Vol. 46, No. 28, July 10, 2024
Savings and loan associations may, pursuant to section 379-a (1)  of the Banking Law, invest in stock, capital notes and debentures of
				  any corporation organized under the laws of this State, other than a trust
				  company, provided that all of the stock of such corporation is, or is to be,
				  owned by not less than 20 savings and loan associations or Federal savings and
				  loan associations located in New York State, and provided further that such
				  investment shall be subject to the further conditions set forth in this
				  Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 68 - Investments In Savings And Loan Service Agencies › Section 68.2 - Investments in service agencies

Current through Register Vol. 46, No. 28, July 10, 2024
The corporations in which investments are authorized under
				  this Part shall be established and operated for the primary purpose of
				  providing services and common facilities to member savings and loan
				  associations and others. For the purposes of this Part, such a corporation is
				  referred to as a "service agency."