New York Banking Law Article 10-A - STATE SAVINGS AND LOAN INSURANCE FUND

• 420 - Definitions.
  When used in this article unless the context otherwise requires: 1. "Default" means an adjudication or other official determination of a court of competent jurisdiction...
• 420-a - State Savings and Loan Insurance Fund.
  1. There is hereby created the "state savings and loan insurance fund". The fund shall be a corporate governmental agency constituting a public benefit corporation....
• 420-b - Purposes of the Fund.
  The fund shall insure the savings accounts of savings and loan associations eligible for insurance as hereinafter provided.
• 420-c - General Powers of the Fund.
  Except as otherwise limited by this article, the fund shall have power: 1. To sue and be sued; 2. To have a seal and alter...
• 420-d - Capital Stock; Advance Premiums; Other Fiscal Provisions.
  1. The fund shall have a capital stock of one hundred million dollars which shall be divided into shares of one hundred dollars each. Each...
• 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...
• 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...
• 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....
• 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...
• 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...
• 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...
• 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...
• 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...

Last modified: February 3, 2019