Title BNK, Banking

§ 420-e. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the fund and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\npro…

§ 420-f. Use of fund name prohibited; penalties for violation. No\nindividual, association, partnership, or corporation shall use the words\n"state savings and loan insurance fund", or any combination of any of\nthese words which would have the effect of leading the public in ge…

§ 420-g. Insurance of accounts and eligibility provisions. 1. It\nshall be the duty of the fund to insure the accounts of all state\nsavings and loan associations that apply and qualify therefor. Approval\nof the application shall constitute the savings and loan association a\nm…

§ 420-h. Premiums on insurance. 1. Each savings and loan association\nwhose application for insurance is approved by the fund shall pay\nrequired advance premiums to the fund, as well as a premium charge for\nsuch insurance equal to one-twelfth of one per centum of the total\nam…

§ 420-i. Payment of insurance. 1. Each savings and loan association\nwhose application for insurance under this article is approved by the\nfund shall be entitled to insurance up to the full withdrawal value of\nthe accounts of each of its members and investors or in such amount…

§ 420-j. Liquidation of insured savings and loan associations. 1. In\nthe event that a savings and loan association is in default, the fund\nmay be appointed by the superintendent as conservator or receiver and as\nsuch, may be authorized by the superintendent (a) to take over t…

§ 420-k. Termination of insurance. 1. Whenever in the opinion of the\nfund any insured savings and loan association has continued unsafe or\nunsound practices in conducting the business of such savings and loan\nassociation, or has knowingly or negligently permitted any of its\n…

§ 420-l. Savings and loan bank eligible as fiscal agent. The savings\nand loan bank operating pursuant to article ten-B of the banking law may\nbe designated by the fund as its fiscal agent; such bank shall have the\npower to accept such designation and to do all acts necessary …

§ 432. Incorporation; organization certificate. When authorized by the\nsuperintendent as provided in article two of this chapter, ten or more\nsavings and loan associations, the aggregate resources of which shall\nnot be less than five million dollars, may form the Savings and …

§ 433. Proposed by-laws. The incorporators shall subscribe and\nacknowledge and submit to the superintendent at his office proposed\nby-laws in duplicate, which shall prescribe the manner in which the\nbusiness of such savings and loan bank shall be conducted with reference\nto …

§ 434. When corporate existence begins; conditions precedent to\ncommencing business. 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 Savings and Loan Bank of\nt…

§ 435. General powers. The savings and loan bank shall, subject to the\nrestrictions and limitations contained in this article and its by-laws,\nhave the following powers: 1. To issue, sell and redeem bonds and notes\nsecured by bonds and first mortgages made to or held by its m…

§ 436. Restrictions on powers. The savings and loan bank shall not: 1.\nDo a general deposit business except with its members.\n 2. Invest more than twenty-five per centum of its surplus account in\nreal estate occupied, or to be occupied, by it as a place of business,\nwithout …

§ 437. Redemption of bonds and notes; procedure in event of default.\n1. All bonds and notes issued by the savings and loan bank may be\ncalled on any interest day at one hundred two and one-half per centum\nand interest by giving notice of not less than sixty days in a newspape…

§ 438. Surplus account. 1. The savings and loan bank shall accumulate\nfrom its profits a surplus account by carrying thereto annually a sum\nequal to one-half of one per centum of its capital, until such surplus\naccount shall be equal to at least fifteen per centum of its capi…

§ 439. Membership; liability; transfer of shares. 1. Membership in the\nsavings and loan bank shall be limited to savings and loan associations,\nexcept, that the directors of the savings and loan bank may, in their\ndiscretion, permit federal savings and loan associations locat…

§ 44. Violations; penalties. 1. * (a) Without limiting any power\ngranted to the superintendent under any other provision of this chapter,\nthe superintendent may, in a proceeding after notice and a hearing,\nrequire any safe deposit company, licensed lender, licensed casher of\…

§ 44-a. Violations and penalties; failure to make reports. 1.\nNotwithstanding any other provision of this chapter to the contrary:\n a. any person or entity licensed, registered, or incorporated or\notherwise formed pursuant to this chapter, or an out-of-state state\nbank, that…

§ 440. Commissions and payment of expenses. The savings and loan bank\nmay charge each member an annual commission, not to exceed one-half of\none per centum, upon the outstanding bonds and notes issued in its\nbehalf, provided, however, that the rate of commission in any year s…

§ 441. Qualifications and disqualification of directors; oath of\ndirectors. 1. At least three-fourths of the directors of the savings and\nloan bank must reside in the state of New York during their term of\noffice, and all must be citizens of the United States. No person shall…

§ 442. Number of directors; filling of vacancies; change of number. 1.\nThe number of directors of the savings and loan bank shall be not less\nthan seven nor more than fifteen.\n 2. All vacancies in the office of director shall be filled by election\nby the members except as pr…

§ 443. Amendment of by-laws. The by-laws may be altered or amended,\nfrom time to time, provided such alterations or amendments shall have\nfirst received the written approval of the superintendent and shall\nthereafter have been duly adopted at a meeting of the directors.\n A c…

§ 444. Annual meeting; notice; voting. The annual meeting of the\nshareholders for the election of directors shall be held in January in\neach year at a place within the state to be determined by the board of\ndirectors. Notice of the time and place of holding such election shal…

§ 445. Preference of credits. In case of the insolvency or voluntary\nor involuntary liquidation of any bank, trust company or savings and\nloan association, its assets shall be applied in the first place ratably\nand proportionately to the payment in full of any sum or sums of …

§ 446. Exemptions. The bonds and notes issued by the savings and loan\nbank and the savings and loan bank itself, together with its capital,\naccumulations and funds, shall have the same exemption from taxation as\nother institutions for savings. No law which taxes corporations …

§ 447. 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 and…

§ 447-a. Required approvals. 1. Approval by the board of directors. A\nreorganization of a mutual savings and loan association pursuant to this\narticle shall be approved by a majority of the board of directors of the\nmutual savings and loan association.\n 2. (a) Approval by th…

§ 447-b. 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 and loan association subsidiary and the transferal to such sto…

§ 447-c. Mutual holding company powers. 1. Upon the formation of a\nmutual holding company by a mutual savings and loan association:\n (a) the mutual holding company shall possess all the rights, powers\nand privileges, except deposit-taking powers, and shall be subject to\nall …

§ 447-d. 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.…

§ 45. Export finance awareness program. There shall be created within\nthe department an export finance awareness program. Such program shall\nprovide in a manner prescribed by the superintendent, but not be limited\nto, the following:\n 1. information to all the various banking…

§ 450. Incorporation; organization certificate. When authorized by\nthe superintendent as provided in article two of this chapter, seven or\nmore persons employed or residing in the state of New York may form a\ncorporation to be known as a credit union, which may include a corp…

§ 450-a. Designation of low income credit union. 1. A credit union\norganized under this article may be designated as a low income credit\nunion as defined in subdivision five of this section.\n 2. A credit union, including a credit union in formation, may make\nwritten applicat…

§ 450-b. Designation of student branches. 1. As used in this section\nthe following terms shall have the following meanings:\n (a) "school" shall mean any public or private elementary or secondary\nschool;\n (b) "student" shall mean a child enrolled in a school;\n (c) "student b…

§ 451. Proposed bylaws. The incorporators shall subscribe and\nacknowledge and submit to the superintendent proposed bylaws, in\nduplicate, which shall prescribe the manner in which the business of the\ncredit union shall be conducted with reference to the following matters:\n 1…

§ 451-a. Qualifications for membership. 1. Subject to approval of the\nsuperintendent, the membership of a credit union shall consist of\npersons within the credit union's field of membership who have been duly\nadmitted members.\n Subject to the approval of the superintendent, …

§ 452. When corporate existence begins; conditions precedent to\ncommencing business. 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 credit union shall begin,\…

§ 453. Corporate credit unions. 1. A corporate credit union may be\nincorporated under this section and shall be subject to all provisions\nof this article not inconsistent with this section.\n 2. Membership in a corporate credit union shall be institutional and\nshall be limite…

§ 454. General powers. In addition to the powers conferred by the\nprovisions of this chapter, a credit union shall, subject to the\nrestrictions and limitations contained in this article, in its bylaws,\nand in any regulations promulgated by the superintendent, or in any\nregul…

§ 455. Trust powers. 1. The superintendent of financial services is\nauthorized and empowered to grant permission to a credit union to\nexercise any or all of the powers specified in sections one hundred, one\nhundred-a, one hundred-b and one hundred-c of this chapter. In passin…

§ 456. Limitations upon powers. No credit union shall:\n 1. Pay any commission or compensation for securing members or for the\nsale of its shares; except that such restrictions shall not prohibit a\ncredit union from issuing or selling shares to other state or federal\ncredit u…

§ 457. Capital. The capital of a credit union shall consist of the\npayments and dividends credited to shareholders on their shares.\n

§ 458-a. Maintenance of reserves. A credit union shall contribute to\nand maintain such net worth reserve categories as the superintendent\nshall, by regulation, prescribe. Such regulations shall provide for a\nsystem of maintaining net worth reserves that is comparable to that …

§ 459. Allowance for loan loss. An allowance for loan loss account\nshall be established and maintained in an amount that represents the\ncurrent estimated loss on loans. The allowance for loan loss account\nrequirement shall be computed and adjusted, through the provision for\n…

§ 460. Dividends to shareholders; conditions precedent. 1. The board\nof directors of any credit union may declare a dividend from the credit\nunion's undivided profits calculated as provided in this article for any\nperiod determined by the board of directors.\n 2. Earnings fro…

§ 461. Change of location; establishment of stations; extension or\nrevival of corporate existence. 1. Any credit union may make a written\napplication to the superintendent for leave to change its place of\nbusiness to another place within the state of New York. The application…

§ 462. Foreign credit unions. Subject to such regulations as the\nsuperintendent may adopt, any credit union located in a state other than\nthis state may open and maintain in this state, in any locality in which\na substantial portion of its actual or potential membership is em…

§ 463. Exemptions and individual liability of shareholders. The\ntransfer of the shares of any credit union shall not be taxable under\nthe provisions of article twelve of the tax law.\n The shareholders of a credit union shall not be individually liable\nfor the payment of the …

§ 464. Manner of withdrawal; expulsion or suspension of members;\neffect upon liabilities to credit unions. 1. A member desiring to\nwithdraw from a credit union shall file a written notice of his or her\nintention to withdraw. However, a member who fails to complete payment\nof…

§ 465. Withdrawal of shares after voting to liquidate; notices to\nshareholders. After the shareholders of a credit union have duly voted\nthat the credit union be closed and such business wound up and\nvoluntarily liquidated, and prior to the entry of an order of the\nsupreme c…