N.Y. Comp. Codes R. & Regs. tit. 3 § 26.12

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

Section 26.12 - Additional mandatory provisions

The plan shall provide:

(a) a general statement of the purposes of the plan;

(b) that the plan is subject to the provisions of the Banking Law, section 140-a, the regulations of the Banking Board and any other applicable law or regulation;

(c) the total number of shares as to which options may be granted, which number may, however, be subject to adjustment as provided in section 26.13(a)(7) of this Part;

(d) the period of time for which the plan shall be in effect;

(e) that options granted thereunder shall not extend beyond a period of 10 years or such shorter period as the plan may provide;

(f) that an optionee may not sell within a specified period shares which he has purchased pursuant to option (unless the superintendent shall waive, in writing, the requirement for such a provision);

(g) that no options shall be assignable or transferable except by will or by the laws of descent and distribution; and

(h) that the terms and conditions of options shall be set forth or incorporated by reference in the instruments evidencing such options.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 26.12