Title BNK, Banking

* § 39. Orders of superintendent. 1. To appear and explain an apparent\nviolation. Whenever it shall appear to the superintendent that any\nbanking organization, bank holding company, registered mortgage broker,\nlicensed mortgage banker, licensed student loan servicer, register…

§ 390. Withdrawal of unpledged shares; provisions for dividends. 1.\nThe accumulations upon shares of any savings and loan association which\nare not pledged to the association to secure a loan, whether or not such\nshares are matured, may be withdrawn subject to the provisions …

§ 392. Retirement of shares; suspension; transfer. 1. The board of\ndirectors of any savings and loan association may retire shares which\nare not pledged to the association by requiring their withdrawal, if the\nby-laws clearly state the manner in which such withdrawals may be\…

§ 393. Repayment of mortgage loans; application of pledged shares. 1.\nFor the purpose of making payment on his mortgage loan a member may at\nany time, without forfeiture of dividends, transfer from the amount\ncredited upon the shares pledged by him as security, a sum equal to…

§ 394. Joint shares; shares of minors; shares in trust.\n 3. When shares shall be issued in the name of a minor they shall be\nheld for the exclusive right and benefit of such minor and free from the\ncontrol or lien of all other persons except creditors, and the\nwithdrawal val…

§ 395. Alternative provisions relative to payment of interest to\nshareholders. Notwithstanding any provision of this chapter to the\ncontrary the superintendent may adopt such rules or regulations as shall\npermit mutual savings and loan associations to pay interest on share\na…

§ 396. Change of location; change of designation of principal office;\nmaintenance of branch office. 1. Any savings and loan association may\nmake a written application to the superintendent, such application to be\naccompanied by an investigation fee as prescribed pursuant to s…

§ 396-a. Electronic facilities. A savings and loan association may\nconduct a banking business, at automated teller machines, point-of-sale\nterminals, and similar facilities subject to regulations which may be\npromulgated by the superintendent of financial services. Such facil…

§ 396-b. Acceptance of United States currency. No savings and loan\nassociation shall impose a fee, commission or service charge for\naccepting for deposit or exchanging for other United States currency any\nUnited States currency provided that any coins are properly rolled and\…

§ 397. Number, qualifications and disqualifications of directors;\noath; quorum; meeting of directors. 1. The affairs of every savings and\nloan association shall be managed and its corporate powers exercised by\na board of directors, in number not less than seven nor more than\…

§ 397-a. Report to directors. The board of directors of every savings\nand loan association shall designate, by resolution duly recorded in the\nminutes, an officer or officers whose duty it shall be to prepare and\nsubmit to each director present at a regular meeting of the boa…

§ 398. Filling of vacancies in board of directors; change in number of\ndirectors. 1. Vacancies in the board of directors of any savings and\nloan association not exceeding one-third of the whole number of the\nboard may be filled by vote of a majority of the remaining directors…

§ 398-a. Forfeiture of office of director. The office of a director of\na savings and loan association shall become vacant whenever he shall\nhave failed to attend the regular meetings of the board of directors and\nalso of any committee of the board of which he is a member, for…

§ 398-b. Duties of directors and officers.\n 1. Directors and officers shall discharge the duties of their\nrespective positions in good faith and with that degree of diligence,\ncare and skill which prudent men would exercise under similar\ncircumstances in like positions. In di…

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

§ 399. Restrictions on directors and officers. 1. No director or\nofficer of any savings and loan association shall receive any salary,\nfees, expenses or other compensation for soliciting the sale of shares\nof the association to any person.\n 2. No officer, director, attorney,…

§ 399-a. Restrictions on holding of certain offices by executive\nofficers of federal savings banks and federal savings associations. 1.\nNo executive officer of a federal savings bank or federal savings\nassociation the principal office of which institution is located in this\n…

§ 4. Information to be given to social services officials, state\ndepartment of social services, state department of mental hygiene, the\nmental hygiene legal service, representatives of boards of child welfare\nand children's court by banking organizations. 1. If requested by a…

§ 4-a. Banks to display signs. Every banking organization having as\nits purpose or among its purposes the receipt of deposits, shall\ncontinuously display a sign, or signs, as prescribed by the\nsuperintendent of financial services, at each station or window within\nthe state w…

§ 4-b. Advertising. Every such non-insured banking organization shall\ninclude in all its advertising within the state with reference to\ndeposit accounts the statement substantially as follows: "DEPOSITS NOT\nINSURED". Where such advertising is printed the statement shall be of…

§ 4-c. Exemptions from certain provisions of chapter. Any uninsured\nbanking organization whose assets are in excess of two hundred million\ndollars shall be exempt from compliance with the provisions of sections\nfour-a, four-b and four-c of this chapter unless otherwise direct…

§ 40. Revocation of authorization certificate or license or suspension\nof activities in certain cases. 1. If the superintendent shall find that\n(i) any of the reasons for taking possession of the business and\nproperty of a banking organization or of the business and property …

§ 400. Pensions; insurance. Subject to such regulations as the\nsuperintendent of financial services may prescribe, a savings and loan\nassociation may, in the discretion of a majority of all the directors:\n 1. Provide pensions to officers and employees pursuant to a\nnondiscri…

§ 4001. Incorporation; organization certificate; amount of capital\nstock. When authorized by the superintendent as provided in article two\nof this chapter, five or more persons may incorporate a bank or trust\ncompany, a stock-form savings bank, a stock-form savings and loan\n…

§ 4001-a. Formation of limited liability investment companies. 1.\nNotwithstanding the provisions of section four thousand one of this\ntitle and when authorized by the superintendent as provided in article\ntwo of this chapter, five or more persons may form a limited liability\…

§ 4001-b. Formation of limited liability trust companies. 1.\nNotwithstanding the provisions of section four thousand one of this\ntitle and when authorized by the superintendent as provided in article\ntwo of this chapter, five or more persons may form a limited liability\ntrus…

§ 4002. Fingerprints. (a) Notwithstanding any other provisions of law,\nevery incorporator of a corporation shall, in addition to any other\nrequirements which may be imposed by the superintendent, submit\nsimultaneously with an application, his or her fingerprints in such form\…

§ 4003. Organization certificate to be submitted to the\nsuperintendent. The organization certificate of a bank, trust company,\nstock-form savings bank, stock-form savings and loan association, safe\ndeposit company or investment company, executed in duplicate, shall be\nsubmit…

§ 4004. When corporate existence begins; conditions precedent to\ncommencing business. 1. When the superintendent shall have endorsed his\napproval on the organization certificate as provided in article two of\nthis chapter, the corporate existence of the corporation shall begin…

§ 4005. Organization meeting. 1. After the corporate existence has\nbegun, an organization meeting of the incorporators shall be held within\nthis state, for the purpose of adopting by-laws and the transaction of\nsuch other business relating to organization as may come before t…

§ 401. Official communications to be submitted to directors and noted\nin minutes. Every official communication, as defined in article two of\nthis chapter, shall be submitted, by the officer receiving it, to the\nboard of directors at the next meeting of such board and noted in…

§ 402. Amendment of articles of association and by-laws. Any proposed\nchange in the articles of association, certificate of association,\norganization certificate or the by-laws of any savings and loan\nassociation shall be submitted to the superintendent and, upon the\nsuperint…

§ 403. Examination by directors. 1. Once in each calendar year the\ndirectors of every savings and loan association by a committee of not\nless than three of their number, none of whom shall be salaried officers\nor employees of such association, shall examine fully the records …

§ 404. Reports to the superintendent; penalty for failure to make. 1.\nOn or before the first day in February in each year, every savings and\nloan association shall make a written report to the superintendent which\nshall contain a statement of its condition as of the morning o…

§ 404-a. Photographic reproduction of records. Any photograph,\nmicrophotograph or reproduction on film of any of the documents and\nrecords of a savings and loan association relating to the members of\nsuch savings and loan association and the operation of its business,\nwhich …

§ 405. Annual report to shareholders; delivery and publication. Every\nsavings and loan association shall (1) prepare a complete statement of\nits financial condition, including a summary of income and expense since\nits last previous statement, and publish the same annually, su…

§ 406. Charters conformed to this article; obligations and rights\nunimpaired; saving clause; applicability to stock-form savings and loan\nassociations. 1. Except as provided by regulations promulgated by the\nsuperintendent of financial services pursuant to section fourteen-e …

§ 407. Exemptions. Savings and loan associations shall be deemed\ninstitutions for savings, and such associations and the property of such\nassociations shall be exempt from taxation under any law which shall\nexempt savings banks or institutions for savings from taxation. The\n…

§ 409. Conversion of a state savings and loan association into a\nfederal savings and loan association. Any savings and loan association\nmay convert itself into a federal savings and loan association. A\nmeeting of the shareholders shall be held upon not less than ten days'\nwr…

§ 41. Removal and prohibition. 1. Grounds for enforcement action.\nWhenever the superintendent has reason to believe that any director,\ntrustee, officer, member or partner, or, in the case of a foreign\nbanking corporation, the person in charge, or an officer, of a branch or\na…

§ 410. Conversion of a federal savings and loan association into a\nstate savings and loan association. 1. Any federal savings and loan\nassociation having its place of business in this state may convert\nitself into a state savings and loan association. A meeting of the\nshareh…

§ 411. Conversion of a savings and loan association or federal savings\nand loan association into a savings bank. 1. Any savings and loan\nassociation or federal savings and loan association having its place of\nbusiness in this state may convert itself into a savings bank upon\…

§ 412. Conversion of federal savings institutions to state charter.\nThe superintendent is authorized to promulgate such regulations as are\nnecessary to permit the conversion of any federal savings association or\nfederal savings and loan association to state charter where such…

§ 413. Reciprocal interstate acquisitions. 1. With the prior approval\nof the superintendent, a New York savings and loan holding company or a\nsubsidiary thereof or a New York savings association may acquire control\nof an out-of-state savings and loan holding company or an out…

§ 42. Official acts of superintendent and details of department\nbusiness to be made public. The superintendent shall publish and make\navailable to the general public at the offices of the department and\nalso post on the department's internet website a bulletin at noon on\nFri…

§ 420. Definitions. When used in this article unless the context\notherwise requires:\n 1. "Default" means an adjudication or other official determination of\na court of competent jurisdiction or other public authority pursuant to\nwhich a conservator, receiver, or other legal c…

§ 420-a. State savings and loan insurance fund. 1. There is hereby\ncreated the "state savings and loan insurance fund". The fund shall be a\ncorporate governmental agency constituting a public benefit corporation.\nIt shall have the powers and privileges of a corporation, and u…

§ 420-b. Purposes of the fund. The fund shall insure the savings\naccounts of savings and loan associations eligible for insurance as\nhereinafter provided.\n

§ 420-c. General powers of the fund. Except as otherwise limited by\nthis article, the fund shall have power:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To borrow money and issue negotiable notes, bonds or other\nobligations and to provide …

§ 420-d. Capital stock; advance premiums; other fiscal provisions. 1.\nThe fund shall have a capital stock of one hundred million dollars which\nshall be divided into shares of one hundred dollars each. Each member\nsavings and loan association whose accounts are insured under t…