™Your Policy Risk Impact Agent
0 chapters · 899 sections in this title.
N.Y. Banking Law § 420-E Exemption from taxation
1.0K chars
§ 420-e. Exemption from taxation. It is hereby found, determined and declared that the creation of the fund and the carrying out of its purposes is in all respects for the benefit of the people of the state of New York and for the improvement of their health, welfare and prosper…
N.Y. Banking Law § 420-F Use of fund name prohibited; penalties for violation
1.1K chars
§ 420-f. Use of fund name prohibited; penalties for violation. No individual, association, partnership, or corporation shall use the words "state savings and loan insurance fund", or any combination of any of these words which would have the effect of leading the public in gener…
N.Y. Banking Law § 420-G Insurance of accounts and eligibility provisions
2.5K chars
§ 420-g. Insurance of accounts and eligibility provisions. 1. It shall be the duty of the fund to insure the accounts of all state savings and loan associations that apply and qualify therefor. Approval of the application shall constitute the savings and loan association a membe…
N.Y. Banking Law § 420-H Premiums on insurance
1.8K chars
§ 420-h. Premiums on insurance. 1. Each savings and loan association whose application for insurance is approved by the fund shall pay required advance premiums to the fund, as well as a premium charge for such insurance equal to one-twelfth of one per centum of the total amount…
N.Y. Banking Law § 420-I Payment of insurance
1.2K chars
§ 420-i. Payment of insurance. 1. Each savings and loan association whose application for insurance under this article is approved by the fund shall be entitled to insurance up to the full withdrawal value of the accounts of each of its members and investors or in such amount as…
N.Y. Banking Law § 420-J Liquidation of insured savings and loan associations
1.7K chars
§ 420-j. Liquidation of insured savings and loan associations. 1. In the event that a savings and loan association is in default, the fund may be appointed by the superintendent as conservator or receiver and as such, may be authorized by the superintendent (a) to take over the …
N.Y. Banking Law § 420-K Termination of insurance
4.5K chars
§ 420-k. Termination of insurance. 1. Whenever in the opinion of the fund any insured savings and loan association has continued unsafe or unsound practices in conducting the business of such savings and loan association, or has knowingly or negligently permitted any of its offi…
N.Y. Banking Law § 420-L Savings and loan bank eligible as fiscal agent
0.4K chars
§ 420-l. Savings and loan bank eligible as fiscal agent. The savings and loan bank operating pursuant to article ten-B of the banking law may be designated by the fund as its fiscal agent; such bank shall have the power to accept such designation and to do all acts necessary in …
N.Y. Banking Law § 432 Incorporation; organization certificate
1.3K chars
§ 432. Incorporation; organization certificate. When authorized by the superintendent as provided in article two of this chapter, ten or more savings and loan associations, the aggregate resources of which shall not be less than five million dollars, may form the Savings and Loa…
N.Y. Banking Law § 433 Proposed by-laws
1.7K chars
§ 433. Proposed by-laws. The incorporators shall subscribe and acknowledge and submit to the superintendent at his office proposed by-laws in duplicate, which shall prescribe the manner in which the business of such savings and loan bank shall be conducted with reference to the …
N.Y. Banking Law § 434 When corporate existence begins; conditions precedent to commencing business
1.0K chars
§ 434. When corporate existence begins; conditions precedent to commencing business. When the superintendent shall have endorsed his approval on the organization certificate as provided in article two of this chapter, the corporate existence of the Savings and Loan Bank of the S…
N.Y. Banking Law § 435 General powers
3.5K chars
§ 435. General powers. The savings and loan bank shall, subject to the restrictions and limitations contained in this article and its by-laws, have the following powers: 1. To issue, sell and redeem bonds and notes secured by bonds and first mortgages made to or held by its memb…
N.Y. Banking Law § 436 Restrictions on powers
1.4K chars
§ 436. Restrictions on powers. The savings and loan bank shall not: 1. Do a general deposit business except with its members. 2. Invest more than twenty-five per centum of its surplus account in real estate occupied, or to be occupied, by it as a place of business, without the w…
N.Y. Banking Law § 437 Redemption of bonds and notes; procedure in event of default
1.6K chars
§ 437. Redemption of bonds and notes; procedure in event of default. 1. All bonds and notes issued by the savings and loan bank may be called on any interest day at one hundred two and one-half per centum and interest by giving notice of not less than sixty days in a newspaper p…
N.Y. Banking Law § 438 Surplus account
0.5K chars
§ 438. Surplus account. 1. The savings and loan bank shall accumulate from its profits a surplus account by carrying thereto annually a sum equal to one-half of one per centum of its capital, until such surplus account shall be equal to at least fifteen per centum of its capital…
N.Y. Banking Law § 439 Membership; liability; transfer of shares
2.3K chars
§ 439. Membership; liability; transfer of shares. 1. Membership in the savings and loan bank shall be limited to savings and loan associations, except, that the directors of the savings and loan bank may, in their discretion, permit federal savings and loan associations located …
N.Y. Banking Law § 44 Violations; penalties
10.1K chars
§ 44. Violations; penalties. 1. * (a) Without limiting any power granted to the superintendent under any other provision of this chapter, the superintendent may, in a proceeding after notice and a hearing, require any safe deposit company, licensed lender, licensed casher of che…
N.Y. Banking Law § 44-A Violations and penalties; failure to make reports
4.4K chars
§ 44-a. Violations and penalties; failure to make reports. 1. Notwithstanding any other provision of this chapter to the contrary: a. any person or entity licensed, registered, or incorporated or otherwise formed pursuant to this chapter, or an out-of-state state bank, that inad…
N.Y. Banking Law § 440 Commissions and payment of expenses
0.5K chars
§ 440. Commissions and payment of expenses. The savings and loan bank may charge each member an annual commission, not to exceed one-half of one per centum, upon the outstanding bonds and notes issued in its behalf, provided, however, that the rate of commission in any year shal…
N.Y. Banking Law § 441 Qualifications and disqualification of directors; oath of directors
1.7K chars
§ 441. Qualifications and disqualification of directors; oath of directors. 1. At least three-fourths of the directors of the savings and loan bank must reside in the state of New York during their term of office, and all must be citizens of the United States. No person shall be…
N.Y. Banking Law § 442 Number of directors; filling of vacancies; change of number
0.9K chars
§ 442. Number of directors; filling of vacancies; change of number. 1. The number of directors of the savings and loan bank shall be not less than seven nor more than fifteen. 2. All vacancies in the office of director shall be filled by election by the members except as provide…
N.Y. Banking Law § 443 Amendment of by-laws
0.4K chars
§ 443. Amendment of by-laws. The by-laws may be altered or amended, from time to time, provided such alterations or amendments shall have first received the written approval of the superintendent and shall thereafter have been duly adopted at a meeting of the directors. A copy o…
N.Y. Banking Law § 444 Annual meeting; notice; voting
0.9K chars
§ 444. Annual meeting; notice; voting. The annual meeting of the shareholders for the election of directors shall be held in January in each year at a place within the state to be determined by the board of directors. Notice of the time and place of holding such election shall b…
N.Y. Banking Law § 445 Preference of credits
0.8K chars
§ 445. Preference of credits. In case of the insolvency or voluntary or involuntary liquidation of any bank, trust company or savings and loan association, its assets shall be applied in the first place ratably and proportionately to the payment in full of any sum or sums of mon…
N.Y. Banking Law § 446 Exemptions
0.5K chars
§ 446. Exemptions. The bonds and notes issued by the savings and loan bank and the savings and loan bank itself, together with its capital, accumulations and funds, shall have the same exemption from taxation as other institutions for savings. No law which taxes corporations in …
N.Y. Banking Law § 447 Authorization of the formation of mutual holding companies
1.0K chars
§ 447. Authorization of the formation of mutual holding companies. 1. Notwithstanding any other provision of law and in accordance with general regulations which the superintendent of financial services shall promulgate to facilitate such reorganizations, a mutual savings and lo…
N.Y. Banking Law § 447-A Required approvals
4.2K chars
§ 447-a. Required approvals. 1. Approval by the board of directors. A reorganization of a mutual savings and loan association pursuant to this article shall be approved by a majority of the board of directors of the mutual savings and loan association. 2. (a) Approval by the sup…
N.Y. Banking Law § 447-B Formation of a mutual holding company
3.4K chars
§ 447-b. Formation of a mutual holding company. 1. The plan of reorganization may authorize the formation of a mutual holding company by: (a) (i) the organization by the mutual holding company of a stock savings and loan association subsidiary and the transferal to such stock sa…
N.Y. Banking Law § 447-C Mutual holding company powers
3.1K chars
§ 447-c. Mutual holding company powers. 1. Upon the formation of a mutual holding company by a mutual savings and loan association: (a) the mutual holding company shall possess all the rights, powers and privileges, except deposit-taking powers, and shall be subject to all the l…
N.Y. Banking Law § 447-D Conversion of mutual holding company into stock holding company
1.4K chars
§ 447-d. Conversion of mutual holding company into stock holding company. 1. If approved by the superintendent, a mutual holding company may convert to a stock holding company in accordance with general regulations promulgated by the superintendent of financial services. 2. If a…
N.Y. Banking Law § 45 Export finance awareness program
1.0K chars
§ 45. Export finance awareness program. There shall be created within the department an export finance awareness program. Such program shall provide in a manner prescribed by the superintendent, but not be limited to, the following: 1. information to all the various banking corp…
N.Y. Banking Law § 450 Incorporation; organization certificate
1.4K chars
§ 450. Incorporation; organization certificate. When authorized by the superintendent as provided in article two of this chapter, seven or more persons employed or residing in the state of New York may form a corporation to be known as a credit union, which may include a corpora…
N.Y. Banking Law § 450-A Designation of low income credit union
2.2K chars
§ 450-a. Designation of low income credit union. 1. A credit union organized under this article may be designated as a low income credit union as defined in subdivision five of this section. 2. A credit union, including a credit union in formation, may make written application t…
N.Y. Banking Law § 450-B Designation of student branches
1.7K chars
§ 450-b. Designation of student branches. 1. As used in this section the following terms shall have the following meanings: (a) "school" shall mean any public or private elementary or secondary school; (b) "student" shall mean a child enrolled in a school; (c) "student branch" s…
N.Y. Banking Law § 451 Proposed bylaws
2.3K chars
§ 451. Proposed bylaws. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed bylaws, in duplicate, which shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters: 1. The…
N.Y. Banking Law § 451-A Qualifications for membership
3.6K chars
§ 451-a. Qualifications for membership. 1. Subject to approval of the superintendent, the membership of a credit union shall consist of persons within the credit union's field of membership who have been duly admitted members. Subject to the approval of the superintendent, a cre…
N.Y. Banking Law § 452 When corporate existence begins; conditions precedent to commencing business
0.6K chars
§ 452. When corporate existence begins; conditions precedent to commencing business. When the superintendent shall have endorsed his approval on the organization certificate, as provided in article two of this chapter, the corporate existence of the credit union shall begin, and…
N.Y. Banking Law § 453 Corporate credit unions
3.6K chars
§ 453. Corporate credit unions. 1. A corporate credit union may be incorporated under this section and shall be subject to all provisions of this article not inconsistent with this section. 2. Membership in a corporate credit union shall be institutional and shall be limited to:…
N.Y. Banking Law § 454 General powers
22.8K chars
§ 454. General powers. In addition to the powers conferred by the provisions of this chapter, a credit union shall, subject to the restrictions and limitations contained in this article, in its bylaws, and in any regulations promulgated by the superintendent, or in any regulatio…
N.Y. Banking Law § 455 Trust powers
1.2K chars
§ 455. Trust powers. 1. The superintendent of financial services is authorized and empowered to grant permission to a credit union to exercise any or all of the powers specified in sections one hundred, one hundred-a, one hundred-b and one hundred-c of this chapter. In passing u…
N.Y. Banking Law § 456 Limitations upon powers
5.3K chars
§ 456. Limitations upon powers. No credit union shall: 1. Pay any commission or compensation for securing members or for the sale of its shares; except that such restrictions shall not prohibit a credit union from issuing or selling shares to other state or federal credit unions…
N.Y. Banking Law § 457 Capital
0.1K chars
§ 457. Capital. The capital of a credit union shall consist of the payments and dividends credited to shareholders on their shares.
N.Y. Banking Law § 458-A Maintenance of reserves
0.5K chars
§ 458-a. Maintenance of reserves. A credit union shall contribute to and maintain such net worth reserve categories as the superintendent shall, by regulation, prescribe. Such regulations shall provide for a system of maintaining net worth reserves that is comparable to that of …
N.Y. Banking Law § 459 Allowance for loan loss
0.5K chars
§ 459. Allowance for loan loss. An allowance for loan loss account shall be established and maintained in an amount that represents the current estimated loss on loans. The allowance for loan loss account requirement shall be computed and adjusted, through the provision for loan…
N.Y. Banking Law § 460 Dividends to shareholders; conditions precedent
2.1K chars
§ 460. Dividends to shareholders; conditions precedent. 1. The board of directors of any credit union may declare a dividend from the credit union's undivided profits calculated as provided in this article for any period determined by the board of directors. 2. Earnings from all…
N.Y. Banking Law § 461 Change of location; establishment of stations; extension or revival of corporate existence
2.4K chars
§ 461. Change of location; establishment of stations; extension or revival of corporate existence. 1. Any credit union may make a written application to the superintendent for leave to change its place of business to another place within the state of New York. The application sh…
N.Y. Banking Law § 462 Foreign credit unions
0.8K chars
§ 462. Foreign credit unions. Subject to such regulations as the superintendent may adopt, any credit union located in a state other than this state may open and maintain in this state, in any locality in which a substantial portion of its actual or potential membership is emplo…
N.Y. Banking Law § 463 Exemptions and individual liability of shareholders
0.3K chars
§ 463. Exemptions and individual liability of shareholders. The transfer of the shares of any credit union shall not be taxable under the provisions of article twelve of the tax law. The shareholders of a credit union shall not be individually liable for the payment of the credi…
N.Y. Banking Law § 464 Manner of withdrawal; expulsion or suspension of members; effect upon liabilities to credit unions
2.8K chars
§ 464. Manner of withdrawal; expulsion or suspension of members; effect upon liabilities to credit unions. 1. A member desiring to withdraw from a credit union shall file a written notice of his or her intention to withdraw. However, a member who fails to complete payment of one…
N.Y. Banking Law § 465 Withdrawal of shares after voting to liquidate; notices to shareholders
1.2K chars
§ 465. Withdrawal of shares after voting to liquidate; notices to shareholders. After the shareholders of a credit union have duly voted that the credit union be closed and such business wound up and voluntarily liquidated, and prior to the entry of an order of the supreme court…