New York Banking Law Article 6 - SAVINGS BANKS
- 229 - Application.
1. This article applies to every savings bank and shall not apply to any other banking organization except to such extent, if any, as may...
- 230 - Incorporation; Organization Certificate.
When authorized by the superintendent as provided in article two of this chapter, not less than nine nor more than twenty persons may incorporate a...
- 232 - Organization Certificate to Be Submitted to Superintendent; Proof of Publication and Service of Notice of Intention.
After the lapse of at least twenty-eight days from the date of the first due publication of the notice of intention to organize and within...
- 233 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.
When the superintendent shall have approved the organization certificate, as provided in article two of this chapter, the corporate existence of the savings bank shall...
- 234 - General Powers.
Every savings bank shall have, subject to the restrictions and limitations contained in this chapter, the following powers: 1. To receive and repay deposits, including...
- 234-a - Settlement, Modification or Readjustment of Investment.
A savings bank may consent to any settlement, modification or readjustment of any investment in securities legally made by such savings bank, and may accept...
- 234-b - Trust Powers.
1. The superintendent of financial services is authorized and empowered to grant permission to a savings bank to exercise any or all of the powers...
- 235 - Investment of Funds.
A savings bank may invest in the following property and securities and no others: 1. Obligations of the United States, or those for which the...
- 235-b - Effect of Usury.
The knowingly taking, receiving, reserving, or charging by a savings bank of interest at a rate greater than six per centum per annum, as computed...
- 235-c - Regulation of Certain Charges.
The superintendent of financial services shall have the power to prescribe by regulation (i) the maximum charge which may be imposed in this state by...
- 235-d - Service Corporations Owned by Savings Banks; Authorized Activities of Such Corporations; Investment Therein.
1. A savings bank may invest in the stock, capital notes and debentures of one or more service corporations organized under the laws of this...
- 236 - Deposits by Savings Banks With Other Banking Corporations and Private Bankers; Restrictions.
1. Except for investments made pursuant to subdivision twelve-a of section two hundred thirty-five of this chapter, no savings bank shall deposit any of its...
- 237 - Deposits With Savings Banks; Restrictions.
1. No savings bank shall accept any deposit for credit to any executor, administrator, trustee, committee, conservator or guardian, named in a will or appointed...
- 238 - Regulations and Restrictions As to Repayment of Deposits.
1. The repayment of deposits made with any savings bank and any interest credited thereto, shall be subject to the provisions of this chapter and...
- 239 - Repayment of Deposits of Minors, Trust Deposits, Joint Deposits, and Deposits Adversely Claimed; Interpleader in Certain Actions; Statute of Limitatio
239. Repayment of deposits of minors, trust deposits, joint deposits, and deposits adversely claimed; interpleader in certain actions; statute of limitations. 1. Any deposit made...
- 239-a - Preservation of Books and Records.
Every savings bank shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a period of...
- 240 - Restrictions As to Place of Business; Branch Offices.
1. A savings bank shall not be located in the same room with or in a room connecting with any bank, trust company or national...
- 240-a - Electronic Facilities.
A savings bank may conduct a banking business, at automated teller machines, point-of-sale terminals, and similar facilities subject to regulations which may be promulgated by...
- 240-b - Acceptance of United States Currency.
No savings bank shall impose a fee, commission or service charge for accepting for deposit or exchanging for other United States currency any United States...
- 241 - Change of Location; Change of Designation of Principal Office.
Any savings bank may make a written application to the superintendent, such application to be accompanied by an investigation fee as prescribed pursuant to section...
- 242 - Assets; How Entered and Carried on Books; Disallowance by Superintendent.
1. No savings bank shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its...
- 243 - Surplus Fund.
1. Every savings bank shall create a fund to be known as a surplus fund. Such fund may be created or increased by contributions made...
- 244 - Earnings; How and When to Be Computed; Transfers to Surplus Fund.
1. Every savings bank shall close its books no less frequently than quarterly. To determine the amount of gross earnings for any such accounting period...
- 245 - Interest Payments.
1. A savings bank may classify its depositors according to the character, amount or duration of their dealings with the savings bank. 2. In the...
- 246 - Board of Trustees; Number; Vacancies; Qualifications; Oath and Declaration.
1. (a) The board of trustees shall have the entire management and control of the affairs of the savings bank. A savings bank shall have...
- 246-a - Executive Committee and Other Committees.
1. If the organization certificate or the by-laws so provide, the board of trustees by resolution adopted by a majority of the entire board, may...
- 247 - Restrictions Upon Trustees and Officers.
1. A trustee of a savings bank shall not (a) Have any interest, direct or indirect, in the profits of the savings bank, but may...
- 248 - Removal and Forfeiture of Office of Trustee.
1. Whenever the conduct and habits of a trustee are of such a character as to be injurious to the savings bank, or a trustee...
- 249 - Compensation of Trustees and Officers.
1. A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for any services rendered to the savings bank,...
- 250 - Pensions; Insurance.
Subject to such regulations as the superintendent of financial services may prescribe, a savings bank may, in the discretion of a majority of all the...
- 251 - Meetings; Quorum; By-Laws; Officers.
1. Regular meetings of the board of trustees shall be held at least once a month, unless otherwise provided by the by-laws. The board of...
- 252 - Reports to Trustees.
The board of trustees of every savings bank shall designate, by resolution duly recorded in the minutes, an officer or officers whose duty it shall...
- 253 - Official Communications From Department of Financial Services to Be Submitted to Trustees 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 trustees at...
- 254 - Examinations by Trustees.
1. Once in each calendar year the trustees of each savings bank by a committee of not less than three of their number, none of...
- 255 - Reports to Superintendent; Penalty for Failure to Make.
1. On or before the first day of February in each year every savings bank shall make a written report to the superintendent, which shall...
- 255-a - Publication and Delivery of Annual Report.
Every savings bank shall (1) prepare a complete statement of its financial condition, including a summary of income and expense since its last previous statement,...
- 256 - Photographic Reproduction of Records.
Any photograph, microphotograph or reproduction on film of any of the documents and records of a savings bank relating to the accounts of its depositors...
- 257 - Duties of Trustees and Officers.
1. Trustees and officers shall discharge the duties of their respective positions in good faith and with that degree of diligence, care and skill which...
- 258 - Prohibition of Unauthorized Savings Banks and Use of the Word "Savings"; Exception As to School Savings.
1. No individual, partnership, unincorporated association or corporation other than a savings bank, state or federal chartered savings and loan association, bank, trust company, industrial...
- 260 - Charters of All Savings Banks Conformed to This Article.
The powers, privileges and duties, and all restrictions, heretofore or hereafter conferred or imposed upon any savings bank by whatever name known, by its charter...
- 260-a - Amendment of Organization Certificate and By-Laws.
Any proposed change in the organization certificate or the by-laws of any savings bank shall be submitted to the superintendent and, upon the superintendent's written...
- 260-b - Conversion of a Savings Bank Into a Savings and Loan Association.
1. Any savings bank may convert itself into a savings and loan association upon receiving the approval of the superintendent as hereinafter provided. A meeting...
Last modified: February 3, 2019