N.Y. Comp. Codes R. & Regs. tit. 3 § 26.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 26.1 - Definitions

As used in this Part the term:

(a) bank means a bank or trust company;

(b) option means the right of an individual (optionee) to purchase from a bank shares of the bank's authorized and unissued capital stock by virtue of an offer by the bank continuing for a stated period of time to sell such shares at a stipulated price, such individual being under no obligation to purchase; and

(c) plan means the document setting forth the terms and conditions under which a bank may grant stock options to its directors, officers and employees.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 26.1