New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations
Section 86.7 - Applicability of certain provisions of the banking law to stock-form savings banks
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 86.7
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The provisions of the following sections of the Banking Law shall have no applicability to stock-form savings banks:
(1)
Section 23--Acceptance or rejection of certificate; investigation fees (to the
extent that it shall require the payment of an investigation fee other than the
fee payable under Banking Law, section 14-e[2]).
(2) Section 230--Incorporation; organization
certificate.
(3)
[Reserved]
(4) Section
232--Organization certificate to be submitted to superintendent; proof of
publication and service of notice of intention.
(5) Section 233--When corporate existence
begins; conditions precedent to commencing business.
(6) Section 234(1)--General powers (only
insofar as said provision authorizes the payment of "dividends" on deposit
accounts).
(7) Section
234(2)--General powers (only relative to contributions of mutual incorporators
or trustees).
(8) Section
243--Surplus fund.
(9) Section
244--Earnings; how and when to be computed; transfers to surplus fund;
undivided profits available for dividends (excluding definition of "net
worth").
(10) Section 245--Interest
payments.
(11) Section 246--Board
of trustees; number; vacancies; qualifications; oath and declaration.
(12) Section 246-a--Executive committee and
other committees.
(13) Section
247--Restrictions upon trustees and officers.
(14) Section 248--Removal and forfeiture of
office of trustee.
(15) Section
249--Compensation of trustees and officers.
(16) Section 250--Pensions;
insurance.
(17) Section
251--Meetings; quorum; bylaws; officers.
(b) In addition to such other requirements of law and regulations imposed upon savings banks, stock-form savings banks shall be subject to the following sections of the Banking Law, to the same extent as banks and trust companies referred to therein, and any reference in such sections to a bank or trust company shall be deemed to refer also to a stock-form savings bank:
(1) Section
103(8)--Restrictions on loans, purchases of securities and total liabilities to
bank or trust company of any one person.
(2) Section 109--Closing of books; profits;
how to be computed.
(3) Section
110--Surplus fund; of what composed; and for what purpose used.
(4) Section 111--Profits; credits to surplus
fund and to undivided profits.
(5)
Section 112--Dividends; payable from net profits; restrictions.
(6) Section 130--Restrictions on officers,
directors and employees.
(7)
Section 140-a--Stock option plans.
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