New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 412 - Dissolution Of Fund Created Under Article Vi-b
Section 412.3 - Liquidation
Current through Register Vol. 46, No. 12, March 20, 2024
The Fund for Savings Banks may be liquidated upon occurrence of:
(a) the affirmative vote to liquidate, taken at a regular or a special meeting, of not less than 75 percent of total number of member banks representing not less than 662/3 percent of the total outstanding deposit liabilities of all the member banks;
(b) the payment of all liabilities incurred or assumed by the fund under the provisions of the agreement and article VI-B of the Banking Law; and
(c) the distribution of the balance thereof to the members pro rata according to their contribution under Banking Law, section 284 and in accordance with article V, section 2 of the agreement.
