New York Banking Law Article 10-B - SAVINGS AND LOAN BANK OF THE STATE OF NEW YORK

• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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,...

Last modified: February 3, 2019