Title BNK, Banking

§ 240-a. Electronic facilities. A savings bank may conduct a banking\nbusiness, at automated teller machines, point-of-sale terminals, and\nsimilar facilities subject to regulations which may be promulgated by\nthe superintendent of financial services. Such facilities shall not …

§ 240-b. Acceptance of United States currency. No savings bank shall\nimpose a fee, commission or service charge for accepting for deposit or\nexchanging for other United States currency any United States currency\nprovided that any coins are properly rolled and have the custome…

§ 241. Change of location; change of designation of principal office.\nAny savings bank may make a written application to the superintendent,\nsuch application to be accompanied by an investigation fee as prescribed\npursuant to section eighteen-a of this chapter, for leave to c…

§ 242. Assets; how entered and carried on books; disallowance by\nsuperintendent. 1. No savings bank shall by any system of accounting or\nany device of bookkeeping, directly or indirectly enter any of its\nassets upon its books in the name of any individual, partnership or\nuni…

§ 243. Surplus fund. 1. Every savings bank shall create a fund to be\nknown as a surplus fund. Such fund may be created or increased by\ncontributions made by the incorporators as provided in this article or\nby transfers from undivided profits or by transfers from earnings as\n…

§ 244. Earnings; how and when to be computed; transfers to surplus\nfund. 1. Every savings bank shall close its books no less frequently\nthan quarterly. To determine the amount of gross earnings for any such\naccounting period the following items shall be included:\n (a) All ea…

§ 245. Interest payments. 1. A savings bank may classify its\ndepositors according to the character, amount or duration of their\ndealings with the savings bank.\n 2. In the discretion of a majority of all the trustees, the amounts\ncontributed by incorporators or trustees to th…

§ 246. Board of trustees; number; vacancies; qualifications; oath and\ndeclaration. 1. (a) The board of trustees shall have the entire\nmanagement and control of the affairs of the savings bank. A savings\nbank shall have such number of trustees as the board of trustees may\nest…

§ 246-a. Executive committee and other committees. 1. If the\norganization certificate or the by-laws so provide, the board of\ntrustees by resolution adopted by a majority of the entire board, may\ndesignate from among its members an executive committee consisting of at\nleast …

§ 247. Restrictions upon trustees and officers. 1. A trustee of a\nsavings bank shall not\n (a) Have any interest, direct or indirect, in the profits of the\nsavings bank, but may receive interest upon the amounts contributed by\nhim or her to the surplus fund, may make deposits…

§ 248. Removal and forfeiture of office of trustee. 1. Whenever the\nconduct and habits of a trustee are of such a character as to be\ninjurious to the savings bank, or a trustee has been guilty of acts that\nare detrimental or hostile to the interests of the savings bank, he ma…

§ 249. Compensation of trustees and officers. 1. A trustee of a\nsavings bank shall not directly or indirectly receive any pay or\nemolument for any services rendered to the savings bank, except as\nprovided in this section.\n 2. A trustee may, by affirmative vote of a majority …

§ 25. Authorization certificate; when and to whom issued; contents;\nfiling and recording. 1. If the superintendent shall find that a\ncorporation or private banker, the certificate of which has been\napproved and filed as provided in section twenty-four of this article,\nhas in…

* § 25-a. Authority of superintendent to file organization certificate\nand issue authorization certificate under certain conditions. 1.\nNotwithstanding any other provision of law to the contrary, the\nsuperintendent is authorized to file and approve the organization\ncertifica…

§ 250. Pensions; insurance. Subject to such regulations as the\nsuperintendent of financial services may prescribe, a savings bank may,\nin the discretion of a majority of all the trustees:\n 1. Provide pensions to officers and employees pursuant to a\nnondiscriminatory plan for…

§ 251. Meetings; quorum; by-laws; officers. 1. Regular meetings of the\nboard of trustees shall be held at least once a month, unless otherwise\nprovided by the by-laws. The board of trustees shall hold not less than\nten regular monthly meetings per year provided, however, that…

§ 252. Reports to trustees. The board of trustees of every savings\nbank shall designate, by resolution duly recorded in the minutes, an\nofficer or officers whose duty it shall be to prepare and submit to each\ntrustee present at a regular meeting of the board, or to each membe…

§ 253. Official communications from department of financial services\nto be submitted to trustees and noted in minutes. Every official\ncommunication, as defined in article two of this chapter, shall be\nsubmitted by the officer receiving it to the board of trustees at the\nnext…

§ 254. Examinations by trustees. 1. Once in each calendar year the\ntrustees of each savings bank by a committee of not less than three of\ntheir number, none of whom shall be an officer or salaried employee of,\nor an attorney who receives any fee, compensation or any other for…

§ 255. Reports to superintendent; penalty for failure to make. 1. On\nor before the first day of February in each year every savings bank\nshall make a written report to the superintendent, which shall contain a\nstatement of its conditions as of the morning of the first day of\…

§ 255-a. Publication and delivery of annual report. Every savings bank\nshall (1) prepare a complete statement of its financial condition,\nincluding a summary of income and expense since its last previous\nstatement, and publish the same annually, such publication to be made in…

§ 256. Photographic reproduction of records. Any photograph,\nmicrophotograph or reproduction on film of any of the documents and\nrecords of a savings bank relating to the accounts of its depositors and\nthe operation of its business, which such savings bank has caused to be\nm…

§ 257. Duties of trustees and officers. 1. Trustees and officers shall\ndischarge the duties of their respective positions in good faith and\nwith that degree of diligence, care and skill which prudent men would\nexercise under similar circumstances in like positions. In dischar…

§ 258. Prohibition of unauthorized savings banks and use of the word\n"savings"; exception as to school savings. 1. No individual,\npartnership, unincorporated association or corporation other than a\nsavings bank, state or federal chartered savings and loan association,\nbank, …

§ 26. Licenses to foreign banking corporations; renewal. Upon receipt\nof an application in proper form of any foreign banking corporation for\nleave to do business in this state under the provisions of article five\nof this chapter, the superintendent, if he or she shall find a…

§ 260. Charters of all savings banks conformed to this article. The\npowers, privileges and duties, and all restrictions, heretofore or\nhereafter conferred or imposed upon any savings bank by whatever name\nknown, by its charter or act of incorporation, are hereby abridged,\nen…

§ 260-a. Amendment of organization certificate and by-laws. Any\nproposed change in the organization certificate or the by-laws of any\nsavings bank shall be submitted to the superintendent and, upon the\nsuperintendent's written approval thereof, shall be posted in a\nconspicuo…

§ 260-b. Conversion of a savings bank into a savings and loan\nassociation. 1. Any savings bank may convert itself into a savings and\nloan association upon receiving the approval of the superintendent as\nhereinafter provided. A meeting of the board of trustees shall be held\nu…

§ 27. Exchange and examination of securities. 1. Any corporation,\nunincorporated association, partnership or individual which shall have\ndeposited with the superintendent in trust any stocks or bonds in\npursuance of any requirement of this chapter, may be permitted by the\nsu…

§ 28. Change of location; change of designation of principal office;\napproval or refusal; certificate. Upon receipt by the superintendent of\na written application in proper form from any banking organization or\nforeign corporation for leave to change its place or one of its p…

§ 28-a. Temporary change of location; approval or refusal;\ncertificate. Notwithstanding any provisions of law limiting the number\nof offices which may be maintained thereby, any banking organization or\nforeign banking corporation may make a written application to the\nsuperin…

§ 28-b. Credit needs of local communities. 1. Each banking institution\nas defined in subdivision four of this section to which the Community\nReinvestment Act of 1977, United States P.L. 95-128, applies shall file\nwith the superintendent a copy of each report and document whic…

§ 28-bb. Credit needs of local communities; mortgage bankers. 1. When\ntaking any action on an application made by a mortgage banker licensed\npursuant to section five hundred ninety-one of this chapter for a change\nin control under section five hundred ninety-four-b of this ch…

§ 28-c. Branch office closings; report to and action by the\nsuperintendent. 1. This section is intended to provide the\nsuperintendent with detailed information concerning the planned closing\nof branch offices by state-chartered banking organizations, the\navailability of alte…

§ 282. Creation of fund. Any seventy-five or more savings banks\norganized under the laws of the state of New York whose deposits\naggregate not less than fifty per cent of the total deposit liabilities\nof all the savings banks in the state, may enter into an agreement\n(herein…

§ 283. Management of fund. The fund shall be collected, held,\nadministered and disbursed by a corporate trustee or a board of trustees\ncomposed of individuals who are trustees of mutual savings banks, either\nof which shall be approved by the superintendent of financial servic…

§ 284. Agreement; filing and provisions thereof. The agreement when\napproved by the superintendent of financial services shall be executed\nby the savings banks parties thereto and filed in his office. The\nagreement may be executed in any number of counterparts, all of which\n…

§ 285. Powers which may be granted to trustee. In addition to such\nother powers as may be set forth in the agreement not inconsistent\nherewith or with the purposes of the fund, the trustee shall have such\nof the following powers as the agreement may provide:\n 1. To insure in…

§ 286. Taxation and exemption of property held in fund; exemption of\nmortgages from mortgage recording tax. The fund and the income thereof\nshall be exempt from all taxation now or hereafter imposed by the state\nof New York or by any county, municipality or local authority or…

§ 287. Member savings banks. Any savings bank incorporated in the\nstate of New York may become a member of the fund upon the terms and\nconditions set forth in the agreement by executing the agreement\nauthorized by this article, or a counterpart thereof.\n

§ 288. Contributions as assets. All contributions and payments\npursuant to call paid into the fund by any member savings bank may be\ncarried by it as an asset to the extent authorized by the superintendent\nof financial services.\n

§ 289. Confirmation of powers. Any savings bank shall have the\nauthority to do and permit to be done any of the acts and things and\nmake any of the payments and contributions herein authorized.\n

§ 289-a. Immunity of trustee and member savings banks. The trustee\nshall in no event be individually liable for anything done or any\nliability incurred or assumed by virtue hereof, and any such liability\nshall be collectible only out of the fund, nor shall any member bank be\…

§ 289-b. Construction. The provisions of this article shall be\nliberally construed with a view to the protection of the depositors of\nsavings banks.\n

§ 29. Branch offices; public accommodation offices; approval or\nrefusal; certificate; investigation fee. When a banking organization\nseeks to open a branch office or public accommodation office, it shall\nsubmit a written application to the superintendent. The application\nsha…

§ 290. Authorization of the formation of mutual holding companies. 1.\nNotwithstanding any other provision of law, and in accordance with\ngeneral regulations which the superintendent of financial services shall\npromulgate to facilitate such reorganizations, a mutual savings ba…

§ 291. Required approvals. 1. A reorganization of a mutual savings\nbank pursuant to this article shall be approved by a majority of the\nboard of trustees of the mutual savings bank.\n 2. (a) A mutual savings bank proposing a reorganization pursuant to\nthis article shall provi…

§ 292. Formation of a mutual holding company. 1. The plan of\nreorganization may authorize the formation of a mutual holding company\nby:\n (a) (i) the organization by the mutual holding company of a stock\nsavings bank subsidiary and the transferal to such stock savings bank of…

§ 293. Mutual holding company powers. 1. Upon the formation of a\nmutual holding company by a mutual savings bank:\n (a) except as provided pursuant to the provisions of subdivision two\nof this section, the mutual holding company shall possess all the\nrights, powers and privil…

§ 294. Conversion of mutual holding company into stock holding\ncompany. 1. If approved by the superintendent, a mutual holding company\nmay convert to a stock holding company in accordance with general\nregulations promulgated by the superintendent of financial services.\n 2. I…