New York Banking Law Article 10 - SAVINGS AND LOAN ASSOCIATIONS

• 375 - Incorporation; Organization Certificate.
  When authorized by the superintendent as provided in article two of this chapter, fifteen or more persons, residents of the state of New York, may...
• 376 - Proposed By-Laws.
  1. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed by-laws in duplicate, which shall make provision for the following: (a) The...
• 377 - When Corporate Existence Begins.
  When the superintendent shall have approved the organization certificate and the proposed by-laws, and shall have issued his authorization certificate as provided in article two...
• 378 - Power to Issue Shares; Dues Thereon.
  1. Every savings and loan association shall be either permanent or serial in character. A permanent association shall be one which issues instalment shares, not...
• 378-a - Time Deposits.
  1. Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, a savings and loan association may...
• 378-b - Club Accounts.
  1. No contract under which a savings and loan association agrees to repay shares of fixed sums made at regular intervals at a given time...
• 378-c - Excelsior Linked Deposit Program.
  A savings and loan association may accept moneys deposited by the comptroller or the commissioner of taxation and finance as linked deposits pursuant to article...
• 378-d - Preservation of Books and Records.
  Every savings and loan association shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a...
• 378-e - Water Pollution Control Linked Deposit Program.
  A savings and loan association may accept moneys deposited by the New York state environmental facilities corporation as linked deposits pursuant to article sixteen of...
• 379 - Power to Invest in Securities.
  A savings and loan association may invest its funds in the following securities: (1) Shares of the Savings and Loan Bank of the State of...
• 379-b - Service Corporation Owned by Associations; Authorized Activities of Such Corporation; Investment Therein.
  1. A savings and loan association may invest in the stock, capital notes and debentures of a service corporation organized under the laws of this...
• 380 - Power to Make Loans.
  1. A savings and loan association may make a loan upon the security of a mortgage of the type authorized to be made by a...
• 380-a - Power to Purchase Mortgage, Loan or Investment.
  Subject to such regulations and restrictions as the superintendent of financial services may prescribe therefor, an association may acquire by purchase any mortgage, loan or...
• 380-b - Power to Purchase Mortgages From Mortgage Holders.
  A savings and loan association may purchase from mortgage holders; (1) any bond and mortgage insured or guaranteed by the United States or any instrumentality...
• 380-c - Power to Participate in Certain Loans and Mortgage Investments.
  Subject to such regulations and restrictions as may be prescribed by the superintendent of financial services, a savings and loan association may participate in making...
• 380-e - Effect of Usury.
  The knowingly taking, receiving, reserving, or charging by a savings and loan association of interest, as computed pursuant to this article, at a rate greater...
• 380-f - Power to Make Advances of Federal Funds.
  A savings and loan association may make advances of federal funds to commercial banks, provided such advances are made on the condition that they be...
• 380-g - Power to Engage in Line of Credit Financing of Residential Real Estate.
  A savings and loan association is authorized to invest an amount, not exceeding the lesser of (a) ten per centum of the sum of its...
• 380-h - Trust Powers.
  1. The superintendent of financial services is authorized and empowered to grant permission to a savings and loan association to exercise any or all of...
• 380-i - Personal Loan Departments.
  Subject to such regulations as the superintendent of financial services may prescribe, a savings and loan association may operate a personal loan department under the...
• 380-j - Authorization to Acquire and Lease Personal Property.
  A savings and loan association is authorized to acquire and lease personal property to the same extent as a commercial bank is authorized to engage...
• 380-k - Investment in Promissory Notes.
  A savings and loan association may invest in promissory notes and other evidences of indebtedness representing commercial, corporate or business loans to the same extent...
• 380-l - Excelsior Linked Deposit Program.
  A savings and loan association may make linked loans, each authorized and approved pursuant to article fifteen of the state finance law and each in...
• 380-m - Water Pollution Control Linked Deposit Program.
  A savings and loan association may make linked loans, each authorized and approved pursuant to article sixteen of the state finance law and each in...
• 381 - Power to Take and Hold Real Estate; Restrictions.
  1. A savings and loan association may take, hold and convey real property as follows: (a) A plot whereon there is or may be erected...
• 382 - Power to Borrow.
  Subject to such regulations as the superintendent of financial services may promulgate, a savings and loan association may borrow money and pledge its assets as...
• 382-a - Power to Act As Trustee Under Self-Employed Retirement Trust and of Individual Retirement Account; Investment in Savings Account.
  1. Subject to any regulations and restrictions prescribed by the superintendent of financial services, a savings and loan association shall have power to act as...
• 382-b - Power to Issue Certain Obligations.
  1. In addition to all other powers granted to it by other provisions of law, a savings and loan association may issue such notes, bonds,...
• 383 - Other Powers.
  Every savings and loan association shall, subject to the restrictions and limitations contained in this chapter, have the following powers: 1. To become a member...
• 383-a - Rental of Safe Deposit Boxes.
  Any savings and loan association may rent to its members safe deposit boxes in which to keep personal property and papers of any kind.
• 384 - Entries in Books; Restrictions; Amortization of Securities.
  1. No savings and loan association shall by any system of accounting or any device of bookkeeping, directly or indirectly, enter any of its assets...
• 385 - Surplus Account.
  Every savings and loan association shall accumulate and maintain a surplus account as provided in section three hundred eighty-seven of this article. Such surplus account...
• 386 - Profits; How and When to Be Computed.
  1. Every savings and loan association shall close its books, for the purpose of computing its profits, at the end of any period for which...
• 387 - Credits to Surplus Account and Undivided Profits; Dividends to Shareholders.
  1. When the net profits of any savings and loan association have been determined at the close of an accounting period, if its net worth...
• 388 - Fines and Penalties for Failure to Make Payments on Instalment Shares.
  1. Where dividends on instalment shares are credited by series, a savings and loan association may impose fines upon the holders of instalment shares of...
• 389 - Matured Shares; Conversion Into Shares of Another Class Upon Notice.
  Whenever the dues and dividends credited to instalment or accumulative prepaid shares shall equal their matured value, notice of such maturity shall be given to...
• 390 - Withdrawal of Unpledged Shares; Provisions for Dividends.
  1. The accumulations upon shares of any savings and loan association which are not pledged to the association to secure a loan, whether or not...
• 392 - Retirement of Shares; Suspension; Transfer.
  1. The board of directors of any savings and loan association may retire shares which are not pledged to the association by requiring their withdrawal,...
• 393 - Repayment of Mortgage Loans; Application of Pledged Shares.
  1. For the purpose of making payment on his mortgage loan a member may at any time, without forfeiture of dividends, transfer from the amount...
• 394 - Joint Shares; Shares of Minors; Shares in Trust.
  3. When shares shall be issued in the name of a minor they shall be held for the exclusive right and benefit of such minor...
• 395 - Alternative Provisions Relative to Payment of Interest to Shareholders.
  Notwithstanding any provision of this chapter to the contrary the superintendent may adopt such rules or regulations as shall permit mutual savings and loan associations...
• 396 - Change of Location; Change of Designation of Principal Office; Maintenance of Branch Office.
  1. Any savings and loan association may make a written application to the superintendent, such application to be accompanied by an investigation fee as prescribed...
• 396-a - Electronic Facilities.
  A savings and loan association may conduct a banking business, at automated teller machines, point-of-sale terminals, and similar facilities subject to regulations which may be...
• 396-b - Acceptance of United States Currency.
  No savings and loan association shall impose a fee, commission or service charge for accepting for deposit or exchanging for other United States currency any...
• 397 - Number, Qualifications and Disqualifications of Directors; Oath; Quorum; Meeting of Directors.
  1. The affairs of every savings and loan association shall be managed and its corporate powers exercised by a board of directors, in number not...
• 397-a - Report to Directors.
  The board of directors of every savings and loan association shall designate, by resolution duly recorded in the minutes, an officer or officers whose duty...
• 398 - Filling of Vacancies in Board of Directors; Change in Number of Directors.
  1. Vacancies in the board of directors of any savings and loan association not exceeding one-third of the whole number of the board may be...
• 398-a - Forfeiture of Office of Director.
  The office of a director of a savings and loan association shall become vacant whenever he shall have failed to attend the regular meetings of...
• 398-b - Duties of Directors and Officers.
  1. Directors and officers shall discharge the duties of their respective positions in good faith and with that degree of diligence, care and skill which...
• 398-c - Executive Committee and Other Committees.
  1. If the organization certificate or the by-laws so provide, the board of directors, by resolution adopted by a majority of the entire board, may...
• 399 - Restrictions on Directors and Officers.
  1. No director or officer of any savings and loan association shall receive any salary, fees, expenses or other compensation for soliciting the sale of...
• 399-a - Restrictions on Holding of Certain Offices by Executive Officers of Federal Savings Banks and Federal Savings Associations.
  1. No executive officer of a federal savings bank or federal savings association the principal office of which institution is located in this state may...
• 400 - Pensions; Insurance.
  Subject to such regulations as the superintendent of financial services may prescribe, a savings and loan association may, in the discretion of a majority of...
• 401 - Official Communications to Be Submitted to Directors and Noted in Minutes.
  Every official communication, as defined in article two of this chapter, shall be submitted, by the officer receiving it, to the board of directors at...
• 402 - Amendment of Articles of Association and By-Laws.
  Any proposed change in the articles of association, certificate of association, organization certificate or the by-laws of any savings and loan association shall be submitted...
• 403 - Examination by Directors.
  1. Once in each calendar year the directors of every savings and loan association by a committee of not less than three of their number,...
• 404 - Reports to the Superintendent; Penalty for Failure to Make.
  1. On or before the first day in February in each year, every savings and loan association shall make a written report to the superintendent...
• 404-a - Photographic Reproduction of Records.
  Any photograph, microphotograph or reproduction on film of any of the documents and records of a savings and loan association relating to the members of...
• 405 - Annual Report to Shareholders; Delivery and Publication.
  Every savings and loan association shall (1) prepare a complete statement of its financial condition, including a summary of income and expense since its last...
• 406 - Charters Conformed to This Article; Obligations and Rights Unimpaired; Saving Clause; Applicability to Stock-Form Savings and Loan Associations.
  1. Except as provided by regulations promulgated by the superintendent of financial services pursuant to section fourteen-e of this chapter, the powers, rights, duties, privileges...
• 407 - Exemptions.
  Savings and loan associations shall be deemed institutions for savings, and such associations and the property of such associations shall be exempt from taxation under...
• 409 - Conversion of a State Savings and Loan Association Into a Federal Savings and Loan Association.
  Any savings and loan association may convert itself into a federal savings and loan association. A meeting of the shareholders shall be held upon not...
• 410 - Conversion of a Federal Savings and Loan Association Into a State Savings and Loan Association.
  1. Any federal savings and loan association having its place of business in this state may convert itself into a state savings and loan association....
• 411 - Conversion of a Savings and Loan Association or Federal Savings and Loan Association Into a Savings Bank.
  1. Any savings and loan association or federal savings and loan association having its place of business in this state may convert itself into a...
• 412 - Conversion of Federal Savings Institutions to State Charter.
  The superintendent is authorized to promulgate such regulations as are necessary to permit the conversion of any federal savings association or federal savings and loan...
• 413 - Reciprocal Interstate Acquisitions.
  1. With the prior approval of the superintendent, a New York savings and loan holding company or a subsidiary thereof or a New York savings...

Last modified: February 3, 2019